Federal Reserve Bulletin, 1964-03

FEDERAL RESERVE B U LLETIN March 1964 • * BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

E D I T O R I AL C O M M I T T EE Charles Molony Ralph A. Young Guy E. Noyes Daniel H. Brill Elizabeth B. Sette The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed, except in official statements and signed articles. 1-—•—— • • — Contents Construction and Mortgage Markets 277 Survey of Financial Characteristics of Consumers 285 Treasury and Federal Reserve Foreign Exchange Operations and the Gold Pool 294 Statements on Proposed Changes in the Federal Reserve System 308 Law Department 321 Announcements 331 National Summary of Business Conditions 332 Guide to Tabular Presentation 334 Financial and Business Statistics, U.S. (Contents on p. 335) 336 International Financial Statistics (Contents on p. 399) 400 Board of Governors and Staff 418 Open Market Committee and Staff; Federal Advisory Council 419 Federal Reserve Banks and Branches 420 Federal Reserve Board Publications 421 Index to Statistical Tables 423 Map of Federal Reserve System Inside back cover Volume £o * Number 3 L—, , , ; Subscription Price of Bulletin A copy of the Federal Reserve Bulletin is sent to each member bank without charge; member banks desiring additional copies may secure them at a special $2.00 annual rate. The regular subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Construction and Mortgage Markets NEW CONSTRUCTION activity during the sions, major groups of lenders, including winter continued near the record level commercial banks, have continued to attract reached last November. In January and an abundant supply of savings, and competi- February the average was a tenth above a tion for mortgages by all types of lenders year earlier. All major types of construction has been intense. Over the whole period, shared in the rise. lending terms have been eased further, and The current advance in private residential interest rates and yields have declined apconstruction began in early 1961, along with preciably. At the same time there have been the cyclical expansion in general economic record increases in mortgage debt. activity. Over this 3-year period—which During 1963 mortgage interest rates and marks one of the longest upswings in resi- yields ceased to decline, but nonrate terms dential building since World War II—residential construction has climbed 30 per cent. For other types of construction, rates of in- CONSTRUCTION ACTIVITY at hi|k level ii total crease from earlier lows have been more Ratio SCaU Billion cf dollars moderate. But despite irregularity, activity has continued upward even longer—5 years for private nonresidential activity and 4 years for public construction. Most of the expansion in building activity has been in real terms. Wage rates have generally risen further, but in the more competitive markets which have persisted, prices of building materials have remained below earlier highs, as have apparently builders' - 20 profits. Meanwhile, growing scarcities of desirable building sites have continued to put upward pressure on land values. - IS The dominant feature of the expansion since early 1961 has been the sharp further rise in apartment construction. Over the period the rate of permits for such building 10 has more than doubled. Construction of 1962 single-family homes has changed little despite rising personal incomes and unusually NOTE.—All data at seasonally adjusted annual rates. Census Bureau data beginning with 1959 reflect new series on housing favorable mortgage terms in recent years. starts and other changes. Data before 1959, Bureau of Labor Statistics. Private residential excludes farm. Business includes In contrast with earlier postwar expan- commercial, industrial, and public utility. Data for recent months are preliminary; latest month shown, Feb. 277 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

278 FEDERAL RESERVE BULLETIN • MARCH 1964 were liberalized further. Inflows of savings adjustments among the component groups to most major types of lending institutions have continued, as has been the case since slackened as the year progressed, and in re- early 1959, when the expansion in the total cent months the market has appeared to be began. In 1963, construction of industrial closer to supply-demand balance at prevail- plants, offices, and warehouses dominated ing rates and terms. Last spring's heavy pur- the advance, averaging 10 per cent more chases of mortgages by private lenders from than in 1962. Activity in the store, restauthe Federal National Mortgage Association rant, and garage category, which declined have not been repeated. appreciably in the first half of 1963, was Over the recent period, there has been down 8 per cent for the full year. some impetus to both residential and other Public construction moved significantly types of building from urban renewal and higher in the second half of 1963 and conrelated projects. Further authorizations for tinued to account for nearly three-tenths of these and other programs were included in total construction activity during the year. the President's recommendations for legis- Expenditures for highways, which tend to lation in this session of Congress. While fluctuate widely, rose a tenth last year, or local property taxes have risen, favorable twice as fast as in 1962. In addition, condepreciation and other income-tax incen- struction of sewer and water systems contives also have continued to play a support- tinued to increase substantially, and most ing role for all types of income-properties. other types of public activity also advanced. The impact of the recent cut in income taxes on both the supply of savings and the de- RESIDENTIAL BUILDING mand for mortgage loans and other types Private nonfarm housing starts in early 1964 of credit will be among the important inwere at a seasonally adjusted annual rate of fluences on mortgage market developments 1.65 million units. This was below the peak in the period ahead. reached last October, but above the average NONRESIDENTIAL BUILDING Private nonresidential construction, which HOUSING STARTS has moved upward irregularly in recent Type of start 1959 1960 1961 1962 1963 years, increased sharply in the third quarter In thousands of units of 1963 and by October was 6 per cent Total 1.554 1,296 1,365 1,492 1,618 above the previous high in 1962. Since Totalprivate 1,517 1,252 1,313 1,463 1 587 Private nonfarm 1,495 1,230 1,285 1,439 1,560 October such construction has tended to As percentage of private nonfarm By type of financing: rise further. The expansion last year reflected Conventional 71 73 75 77 81 FHA-insured 22 21 19 18 14 mainly a sharp advance in business construc- VA-insured 7 6 6 5 5 tion, shown in the preceding chart. Con- By unit-size of structure; Single-family 81 79 74 67 63 struction of hospitals, schools, and similar 2 units 4 4 3 4 3 3 or more units 15 17 23 29 34 facilities continued to advance gradually during the year. Farm construction declined somewhat. NOTE.—Based on data from Census Bureau except for units started with inspection by the Federal Housing Administra- In recent months total business construc- tion or the Veterans Administration, which are available from those agencies respectively. Conventional starts include starts tion has been at a record high. But selective financed without a Government-underwritten mortgage and those financed with no mortgage loan. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION AND MORTGAGE MARKETS 279 for the year 1963. In that year starts ex- of single-family homes are built specifically ceeded the previous high in 1959 for the first for rental purposes rather than for owner time in the 5-year span of the new Census residence, and under varying circumstances Bureau series, as the table shows. all types of houses may be used at some time Federally-underwritten starts. While use of for rental purposes. FHA-insured and VA-guaranteed mort- Many 2- and 4-family structures, moregages on existing properties has continued over, are used in part for owner-occupancy, to expand, the use of such financing for new and an increasing, though limited, number construction has declined further as conven- of new apartment units are owned by their tionally financed starts have continued to tenants either cooperatively or in the form rise. Altogether, Government-underwritten of condominiums. Condominiums in this starts accounted for less than a fifth of the country are a relatively recent innovation total in 1963. And in January of this year designed to permit personal ownership of the share was only 16 per cent, as compared an apartment in a multifamily structure with 22 per cent a year earlier and 27 per in much the same way as a single-family cent as recently as January 1961. home. Since 1961 most States have passed A factor in this downtrend has been the enabling legislation to facilitate this arrangeincreasingly competitive terms and generally ment. more flexible arrangements available for In early 1964 seasonally adjusted resiconventional mortgages on both single and dential building permits for multifamily multifamily structures. Of particular im- units, which tend to fluctuate widely, were portance also has been the increased em- still high, while permits issued for construcphasis on multifamily housing, which tends to be conventionally financed to an even greater extent than single-family housing. BUIIDING PERMITS lor mulfifanily units in sharp Multifamily starts. While private single- uptrend since 1960 Rallo s<o!e family starts edged higher in 1963, the number (excluding farm starts) was less than a million for the fourth consecutive year and was nearly a fifth below the 1959 level. Multifamily starts—defined here to include two or more units—rose substantially further. At 580,000 they were somewhat more than double the 1959 total and accounted for 37 per cent of all private nonfarm starts in 1963. This compared with 33 per cent in 1962 and 19 per cent in 1959. Multifamily structures are basically income-properties, but the percentages given above cannot be taken as absolute measures of the importance of income-property NOTE.—Census Bureau data at seasonally adjusted annual starts as opposed to homeowner starts in the rates. Data prior to Jan. 1963 are for about 10,000 permitissuing places, and are not strictly comparable with subsequent total. In some areas a significant proportion figures. Data beginning Jan. 1963 cover about 12,000 or all known permit-issuing places. Latest Month shown, Jan. (pre.). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

280 FEDERAL RESERVE BULLETIN • MARCH 1964 tion of single-family homes remained well series on vacancy rates. While this rate was below 1959 levels. Mortgage funds for both only slightly lower than in the previous 2 types of properties have been unusually years, it marked a return to the moderate ample, and personal incomes have been ris- downtrend that had developed earlier. ing. Also, removal of all types of structures Rental occupancy rates also turned down through scrappage and through conversion has been at high levels as road building has expanded, urban renewal activity has broad- RECENT OCCUPANCY RATES: oiixed for residential reatals ened, and competition from newer structures P.r cent for preferred locations has generally in- I II 1 1 1 1 1 1 1 ! 100 METROPOLITAN creased. ======^S^^^^AU AREA s But thus far in the 1960's, structural shifts in the pattern of household formation, - NONMETtOPOllTAN 90 rising land costs, and, until recently, the limited stock of new rental units available DOWN farther for offices; sharply for hotels in growing metropolitan areas have provided — OfflCES major impetus to the building of apartments rather than of homes. Income tax considerations have also played a supporting role in - 90 the apartment-building surge, as have earlier successes achieved by other builders disposed to test the market under the new con- - • 0 ditions. While apartment building has been concentrated in only a few major metropolitan - - 70 areas, its distribution has altered somewhat in recent years. In a number of the largest areas—notably in New York, where a zoning change had provided an unusual stimulus 1 1 1 1 1 1 1 1 1 1 1 60 1951 '53 '55 '57 '59 '61 '63 earlier, and in Philadelphia and Chicago —permit activity involving structures for 5 NOTE.—Occupancy rates for residential rental properties deor more families declined last year. But in rived from quarterly Census Bureau data which are based on sample surveys of vacant units that are fit for use and that are a number of smaller cities such activity rose available for rent. Office occupancy data are weighted annual averages calculated from semiannual surveys published in Skyscraper Management for square feet of competitive and sharply. And there was increased emphasis noncompetitive space. Hotel data relate to guest-room occupancy only and are annual averages of monthly figures for 400 on less expensive garden-type apartments selected hotels audited by the accounting firm of Harris, Kerr, Foster, and Company; rate for 1963 partly estimated. in 1963 as expansion beyond the central cities into the suburbs continued. slightly in 1963, but at 92.5 per cent they were still above the low in 1961. OCCUPANCY EXPERIENCE Within the metropolitan areas as a whole In 1963 the rate of owner occupancy in no clear change in annual rental occupancy homes available for such occupancy and rates has occurred in the past 2 years. Outfit for use averaged 98.6 per cent on theside such areas these rates apparently rebasis of data derived from the Census Bureau covered somewhat further last year. Within Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

281 CONSTRUCTION AND MORTGAGE MARKETS individual Census Bureau regions, occupancy rates in 1963 also continued above INTEREST RATES aid yields on Mortgages level off, while bond yields rise earlier postwar lows, except in the Northeast * Par ran where occupancy tends to be highest. Promotional and other types of concessions to CONVENTIONAL renters have apparently increased in recent years. This has been related in part to the need to secure tenants for new buildings as quickly as possible. On the average, rental payments, as measured in the consumer NEW COR PORATE BONDS - Aa« BASIS price index, have tended higher. Among office buildings for which reports aid SPREAD Narrows Basis p are available, average occupancy rates have 1 continued downward over most of the period v V since 1950, as earlier shortages have been largely eliminated. These rates are for rental 1 i i i \ i 1 and owner-occupied space combined. For hotels—which do not depend for their in- NOTE.—Mortgage data based on FHA field office opinions come solely on providing guest-room space for market areas of insuring-office cities. For conventional, average interest rates for first mortgages on new and existing and are in many ways a special case—the houses through March 1960 and on new houses thereafter. For FHA-insured, weighted average of private secondary market prices of certain mortgages on new houses converted to annual drop since 1950 has been large. In recent yield by Federal Reserve; dashed sections of line indicate periods of adjustment to changes in contract interest rates. years, it has been considerably larger than Corporate bonds, weighted average of offering yields on public issues, adjusted to Aaa basis, computed by First National City for motels, which have increased appreci- Bank of New York. Latest figures shown, Feb. ably in number. stantially below the postwar high in early As in the case of apartments, variations 1960. Secondary market yields on 25-year, in office occupancy experience among par- 5XA per cent FHA-insured mortgages on ticular localities have apparently been new homeowner properties have also marked. Major downward pressures on occhanged very little over this period; in most cupancy rates for offices have been on older months since last April they have averaged properties, as space requirements have ex- 5.44 per cent. panded and opportunities for upgrading in Offering yields on new issues of highterms of location, air-conditioning, and other grade corporate bonds, which had fluctuated amenities available in new structures, have downward for a number of years, rose somecontinued to be a lure. Moreover, such opwhat during 1963. As a result, the yield portunities have been offered under increasspread in favor of mortgages dropped ingly attractive lease arrangements. further, as shown in the chart, to one of the narrowest in the postwar period. HOME MORTGAGE TERMS Net savings flows to major lending institu- In the first 2 months of this year, contract tions moderated after the first half of the interest rates, excluding fees and charges, year from unusually high levels earlier. But for conventional first mortgages on new and mortgage-originating activity in the primary existing homes remained close to the re- market expanded. And lenders continued to duced levels reached last spring and sub- compete vigorously for savings, even though Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

282 FEDERAL RESERVE BULLETIN • MARCH 1964 rate increases by savings and loan associa- age loan-to-value ratios increased about 2 tions were much less numerous than earlier per cent—to 73.9 and 71.6 per cent, respec- —particularly in the West where dividends tively—while average loan amounts rose on share accounts tend to be highest. In sharply. These changes appeared to be con- July the New York Banking Board removed tinuing this January. Nonrate terms for ceilings on interest rates payable on savings FHA-insured and VA-guaranteed mortgages deposits by mutual savings banks under its were also more liberal in 1963. jurisdiction to permit greater competition. In the same month the Federal Reserve LENDER EXPERIENCE Board and the FDIC raised to 4 per cent Although not high by prewar standards, dethe limit on interest rates payable by insured faults and foreclosures based on earlier loans banks for time deposits of 90 days to a year. have continued to rise. In 1963 as a whole, To supplement their other sources of estimated foreclosures of mortgages on nonfunds, savings and loan associations in- farm real estate properties—mainly homes creased their borrowings from the Federal —approximated 100,000, nearly double the home loan banks by a record $1.3 billion number 3 years earlier. In value terms, for the year as a whole, compared with roughly the same trend was indicated. At earlier highs of less than $850 million in the year-end the value of all real estate held 1962 and in 1959. Mortgage companies, by private lenders or the Government-undermutual savings banks, and other mortgage writing agencies as a result of actual mortoriginators also borrowed substantially from gage foreclosures or related procedures was commercial banks and other institutions to about $3 billion, or somewhat more than meet their short-term needs. double the total at the end of 1960. While contract interest rates were main- For some time the relative stability in tained after the early part of 1963, originaprices of houses has precluded easy resale tion fees and charges were reduced and other by mortgagors in difficulty, and this has been mortgage terms were liberalized further, a major factor in the uptrend in defaults and according to a new series on characteristics foreclosures. Local changes in employment of conventional first mortgages on homes beand other economic conditions have also ing compiled by the Federal Home Loan been important causes of higher mortgage Bank Board in cooperation with the Federal foreclosures in some areas. In 1963 there Deposit Insurance Corporation. Indications was some moderation in the increase in foreare that such liberalization slowed someclosures on Government-underwritten mortwhat in comparison with the initial shift in gages, where most of the rise has apparently 1962, when the impact stemming from the been concentrated. This reflected in part an Housing Act of 1961 and various regula- effort initiated in 1962 to improve credittions permitting easier terms was first being screening procedures and, more recently, atfelt. tempts to encourage more extensive use of Nevertheless, at the year-end, maturities available forbearance arrangements designed on conventional first mortgages averaged to forestall foreclosure proceedings. 24.5 years on new-home loans and 19.7 Also in response to changes in the mortyears on loans on existing homes, up 5 per gage market environment, the Federal Home cent in each case from a year earlier. Aver- Loan Bank Board early in 1963 initiated Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION AND MORTGAGE MARKETS 283 procedures for test appraisals of mortgages Home mortgage debt. Debt on 1- to 4originated by Federally insured savings and family properties totaled more than $180 loan associations. In addition, it acted to billion at the end of 1963. The annual gain, limit the size of loan by an association to which exceeded $15 billion, was also a new one borrower. Further regulations, effective high, but as in 1962 it accounted for not this year, are designed to increase reserve much more than half the increase in total requirements for fast-growing associations debt. In 1959 and 1961, the share had been and reduce the ability of insured associa- in excess of three-fifths; in 1953-55, a posttions to treat the full amount of fees earned war record of nearly four-fifths. in the origination of mortgages as current The expansion in debt on 1- to 4-family income. In addition, the Federal home loan properties resulted in part from the modbanks were urged to limit advances to "high erate rise in starts of new and more expensive risk" associations. For State institutions, types of housing in 1963 and from the innotably in California, regulations also were creased importance of existing properties tightened. as a basis for loans, in both resale and refinancing transactions. Moreover, although loan-to-value ratios were liberalized only MORTGAGE DEBT moderately, the average size of loan was Mortgage debt outstanding on all types of raised substantially. property rose to more than $280 billion at For conventional first mortgages, average the end of 1963. The expansion for the year loans on new homes at the end of 1963 were as a whole approached $30 billion. This 8 per cent larger than a year earlier. For was a record high and compared with in- existing homes the loan amount increased creases of $25 billion in 1962 and $19 bil- even more—by 10 per cent. At the same lion in 1961 and 1959. time average annual repayment rates in MORTGAGE DEBT up furtherby type. Holdings rise for private lender! but decline, net,for Govt. agencies Unliu sto'i, B.liio-ii of tin e.ii.c is of dolart 300 100 100 10 IBO 90 90 ... 9 160 - y y 80 ao - 8 MO 70 SAVINGS yf TO .... 7 * HO «cS jt^ / AND LOAN X 130 60 ASSNS. jS 60 6 y ^IFt / V /* INSURANCE FNMA y 100 50 50 5 jr INCOME 1 OIHtR GOVT. HO yS PROPERTIES" 40 40 /y AGENCIES " 4 COMMERCIAL J^^ /"" 60 30 BANKS^ ^>S 30 3 ^y\y^ SAVINGS s— y^ BANKS 40 20 20 % i i ; : 1 1 i ! ; : i i i 1 1 I 63 w 59 61 63 '57 61 63 NOTE.—Data estimated by Federal Reserve as required to total holdings shown for financial institutions and for Federal supplement reports of Federal agencies and private sources. agencies. Data for 1963 are largely preliminary. Homes are 1- to 4-family properties. Farm debt is included in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

284 FEDERAL RESERVE BULLETIN • MARCH 1964 relation to outstanding loan amounts have one-fifth share in 1962 and double the share continued downward as maturities have taken by these banks as recently as 1961. lengthened and the structure of mortgage Mutual savings banks accounted for about debt has changed. the same proportion of the rise for the four Other mortgage debt. Debt on income- major groups of financial institutions in properties, which rose very sharply in 1962, 1963 as in 1962. But life insurance comcontinued to account for about two-fifths of panies, which had experienced some diffithe over-all expansion in mortgage debt in culty in expanding loan volume during most of 1962, increased their share in 1963, par- 1963. In addition to mortgages, privately ticularly for loans on commercial and farm placed bonds and securities sold in the open properties. market are sources of financing for income- Symptomatic of the structural shifts in properties, particularly large apartment, inthe mortgage market, holdings by Governdustrial, or commercial structures. Mortgage ment agencies dropped by a billion dollars debt on farm properties also increased in 1963. Private investors relied to an unrapidly in 1963 and as in other recent years precedented extent on purchases in the accounted for 5 per cent of the total rise. secondary market to meet their portfolio re- Participation in the expansion in mortquirements. As a result, holdings by the gage debt on income-properties broadened Federal National Mortgage Association, further in 1963 with the increase in authorwhich tended downward in 1962, dropped ity for Federal savings and loan associations sharply further in 1963 and by the year-end to make loans on apartments and related were at the lowest level—$4.8 billion— structures, effective early in the year. Other since early 1959. lending institutions, too, appear to have ex- About half of the 1963 decline in the tended their operations in such lending as FNMA's holdings occurred during the spring construction volume advanced. when sales from its secondary-market port- Mortgage holders. All four of the major folio were at a record high. Sales dropped types of financial institutions expanded their sharply thereafter, partly in response to holdings of mortgages by record amounts higher prices to purchasers that became efin 1963. As a result, mortgage holdings as a fective on new sales contracts initiated after proportion of total assets held by each of early February. Sales from FNMA's other these types of institutions also reached record two portfolios—special assistance, and manhighs. agement and liquidation—were also un- The net gain in mortgage holdings of usually high during the spring and early savings and loan associations continued to summer. Over the year the Veterans Adbe extremely large—$12.1 billion. This was ministration also continued to reduce its about half the total for financial institutions holdings through the secondary market, as a whole and only slightly smaller than the while holdings of other Government agenrelative share in 1962. The gain in holdings cies increased. In the first 2 months of 1964, by commercial banks is indicated to have ex- both sales and purchases by FNMA receeded $5 billion, somewhat more than the mained relatively low. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Survey of Financial Characteristics of Consumers Homes, automobiles, liquid assets, and Studies of the amount and composition of life insurance accounted for a large share consumer wealth pose difficult statistical of consumer wealth in late 1962—$46 in problems because a relatively few families every $100. About $17 in every $100 was own a large share of such assets as stocks, invested in family businesses or professions, marketable bonds, and investment real and, of the remainder, $31 was in investment estate. Because these assets represent a subassets—stocks, marketable bonds, real es- stantial portion of consumer net worth, a special effort was made in this study to intate, and mortgages. clude families that might have these types of The extent of ownership of these assets assets. As a result, it is possible to present among families differed markedly, however, data not heretofore available on the wealth with some types of assets widely distributed composition of families in upper-income and while other types were highly concentrated. upper-wealth classes and on holdings of cer- Six families in 10 owned their homes, 7 in tain types of financial assets. The results have 10 owned automobiles, 8 in 10 had liquid been appropriately weighted so as to be repassets, and 6 in 10 had savings in life inresentative of all families. surance. On the other hand, fewer than 2 families in 10 owned stocks, fewer than 2 in TOTAL NET WORTH 10 owned businesses, and only 2 in 100 owned marketable bonds. The Survey covered a wide range of assets These are some of the findings from the that meet family needs in many different Survey of Financial Characteristics of Con- ways. For example, for families investing sumers conducted for the Board of Gov- in tangible assets—homes and automobiles ernors by the Census Bureau in the spring —these assets represent not only investand summer of 1963. This report presents ments but also housing and a means of highlights on the amount and composition transportation. Families that earn their living from their own businesses or professions of consumer wealth. Subsequent reports in instead of working for others are almost the BULLETIN will present more detailed inevitably required to invest some of their findings. wealth in the business. Wealth in the form of tangible assets and NOTE.—The Survey of Financial Characteristics of business interest, however, is usually not Consumers was conducted for the Board of Governors by the Census Bureau in the spring and sum- readily available to meet emergency needs mer of 1963. This report was prepared by Dorothy S. Projector, under whose direction the work at the of a family. One family in 3 in the Survey Board was conducted. Erling T. Thoresen and Natalie mentioned that one of its objectives in sav- C. Strader, in collaboration with the Division of Data Processing, were responsible for summarizing the data. ing was to have funds to meet such needs. Work at the Census Bureau was under the super- Assets such as checking and savings accounts vision of James C. Byrnes and William Seltzer. 285 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

286 FEDERAL RESERVE BULLETIN • MARCH 1964 and U.S. savings bonds serve the obvious eluding its past rate of saving and its income purpose of a readily available reserve for history. These factors suggest that net worth emergencies, and the two latter types also will be larger for older families and for provide interest income. The fact that many groups of families whose incomes and saving families hold large amounts of such liquid rates tend to be higher than average—for exassets suggests that these assets not only ample, for entrepreneurial families. serve as an emergency reserve and provide The data shown in Supplementary Table cash for current transactions but also serve 1 bear out this expectation. Among families as a more permanent form of investment. with head aged 35 to 44 years, for example, The assets that have been grouped as in- average net worth was $19,442 in contrast vestment assets—stocks, marketable bonds, to $34,781 for families with head aged 55 to real estate, and mortgages—might be viewed 64 years. Families in which the head was as the kinds that are added to consumer port- self-employed reported net worth many folios as wealth grows, that is, after families times larger than other families. The averhave satisfied their requirements for housing, age net worth of nonfarm home-owning transportation, life insurance, and cash re- families that were self-employed was $96,serves. The characteristics of these invest- 385, compared with $22,026 for such famiment assets vary widely with respect to such lies that were employed by others. Investfactors as degree of risk, marketability, and ment in business accounted for part, but by their ability to produce current income.1 no means all, of the difference. Average investment in assets not directly connected SIZE OF NET WORTH with their businesses was $62,018 for the self-employed group. If all the different forms of wealth are added together and account is taken of debt, aver- COMPOSITION OF NET WORTH BY SIZE OF age net worth for all families amounted to NET WORTH $22,588 as of December 31, 1962, as may be seen in Supplementary Table I.2 Families Ownership of homes, automobiles, life insurance, and liquid assets was widespread. differed greatly, however, in the amount of A majority of all families reported ownertheir total net worth. For 25 families in 100 ship of each of these asset types. A far net worth totaled less than $1,000, and for smaller number, on the other hand, had 8 of the 25 the total was actually negative, businesses, stocks, marketable bonds, and that is, their outstanding debts were larger the other types of investment assets. than their assets. At the other extreme, for 7 families in 100 total net worth was $50,- Composition of net worth varied, how- 000 or more. ever, among groups of families. One of the most important factors influencing composi- The amount of a family's current net tion of net worth is size of net worth itself. worth depends on a number of factors, in- As suggested earlier, with growth in wealth, 1 Differences in marketability of the several types families tend to broaden their investments of assets result in valuation problems that are more to include such assets as stocks, marketable serious for some assets than for others. For valuation basis used, see definitions of net worth components bonds, real estate, and mortgages. in the notes on p. 290. 2 Notes to all tables and charts appear on p. 290. The contrasts may be illustrated by com- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF FINANCIAL CHARACTERISTICS OF CONSUMERS 287 paring portfolios of families grouped by 000 or more. Stock ownership was reported size of net worth. The accompanying table by 8 in 10 of these families, and ownership shows for four broad net worth groups the of marketable bonds by 1 in 4. A majority proportion of families owning each of the of families in this wealth group had an major types of assets. The charts on the next interest in a family business or profession. page show, for all families and for families Total wealth in the form of business intergrouped first by size of net worth and then est and investment assets accounted for 70 by income, the share of wealth held in each per cent of the total net worth of this group. of the six major asset types. The table and In contrast, among families with the the charts also show unsecured personal smallest amounts of net worth—zero to debt. $5,000—3 in 100 owned stock, virtually Large holdings of business and investment none owned marketable bonds, and 5 in 100 assets were characteristic of the portfolios of had a business interest. In fact, as the chart families with very large net worth—$100,- shows, investment in businesses and invest- NET WORTH COMPONENTS RELATED TO SIZE OF NET WORTH, DECEMBER 31, 1962 (Percentage of families reporting' specifiedassets or debt) Families with net worth of— (in thousands of dollars) All Component families1 0-5 5-25 25-100 100 and over Tangible assets 83 69 95 97 92 Own home 59 30 83 86 85 Automobiles 73 61 80 89 88 Business interest, profession 17 5 19 42 57 Life insurance, annuities, retirement plans 58 43 69 74 68 Liquid and investment assets 79 62 92 98 100 Liquid assets 78 60 91 98 99 Investment assets 29 6 33 68 93 Stocks 18 3 18 43 79 Marketable bonds 2 (2) 1 7 24 Other 15 17 39 52 3 Miscellaneous assets 12 7 15 18 30 Personal debt 50 51 52 23 20 1 Includes families with negative net worth, not shown separately. 2 Less than ]/2 of 1 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

288 FEDERAL RESERVE BULLETIN • MARCH 1964 merit assets accounted for less than 10 per too, have generally received relatively high cent of the total net worth of this group. incomes. Moreover, families with large cur- Nearly all of this group's net worth con- rent incomes are in that position in part besisted of investments in their homes, auto- cause of the flow of income from their past mobiles, liquid assets, and life insurance. investments. Among families with moderate amounts Because of the relationship between size of net worth—$5,000 to $25,000—the pro- of income and size of wealth, the wealth portion owning stocks was 18 per cent— composition of families with large current roughly six times as large as for the smallest incomes is very similar to that of families net worth group. Interest in a family busi- with large net worth. For example, as the ness or profession was reported by 19 fami- charts show, the composition of the wealth lies in 100—about 4 times the proportion in of the highest-income families—those with the smallest net worth group. incomes of $50,000 and over—is very similar to that of the families with the largest COMPOSITION OF NET WORTH BY INCOME net worth—$100,000 and over. The relationship between current income In general, the share of wealth in what and size of net worth, which is shown in might be called the income-producing as- Supplementary Table 1, indicates that by sets—business interests and investment asand large the families with high incomes in sets—tends to increase with income. On the 1962 also had large amounts of net worth. average, families with incomes of $5,000 to That high-income families are wealthier $10,000 in 1962 had $36 in every $100 of than lower-income families is in some de- their wealth in income-producing assets, but gree attributable to their high current in- among families with 1962 incomes of $50,come, but it is undoubtedly also a reflection 000 and over this share rose to almost $80 of the fact that these families in the past, in every $100. SHARE OF WEALTH in homes and outos drops SHARE OF WEALTH in business and investment sharply with amount of net worth assets increases with family income Per c«nl n MISCELLANEOUS MISCELLANEOUS INVESTMENT INVESTMENT BUSINESS LIFE INSURANCE LIQUID ASSETS LIFE INSURANCE LIQUID ASSETS HOMES & AUTOS HOMES & AUTOS PERSONAL DEBT PERSONAL DEBT 100 and lomilies 0-5 5 25 35-100 0-3 3- L> 5-10 10-50 ih (in thousands of dollars) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF FINANCIAL CHARACTERISTICS OF CONSUMERS 289 TECHNICAL NOTE The Survey of Financial Characteristics liminary and subject to revision. For exof Consumers is based on results of field in- ample, questionnaires from some responterviews from a sample of about 3,600 dents were received too late to be included in families in the United States. Persons resid- the tables. Moreover, a follow-up of noning in military installations and in institu- respondents has provided information that tions such as nursing homes, penitentiaries, has not yet been incorporated. Revisions and hospitals are not represented in the resulting from inclusion of these data will sample. be presented in subsequent reports. The term family as used in this report is The accompanying table shows the disequivalent to the Census Bureau concept tribution of sample families and the distribu- "families and unrelated individuals." Briefly tion of families weighted in accordance with it refers to a group of two or more persons their importance in the population for the related by blood, marriage, or adoption and various groups shown in the tables. residing together and to individuals not living with relatives. The total number of PERCENTAGE DISTRIBUTION OF SAMPLE FAMILIES BY families included in the population cov- VARIOUS CHARACTERISTICS ered by the Survey of Financial Character- Characteristic Unweighted Weigh istics was estimated to be 58,234,000 on December 31, 1962. For a fuller description of All families 100 100 the concept of families and unrelated in- Size of net worth: Negative 5 8 dividuals, see "Consumer Income," Current 0 $ - 1 5 ,0 9 0 9 0 9 -4,999 1 1 1 2 1 1 7 7 $5,000-9,999 10 14 Population Reports, Series P-60, No. 41, $10,000-24,999 19 24 $25,000-49,999 12 11 October 21, 1963, page 15. $50,000-99,999 8 5 $100,000-199,999 5 1 The sample was designed to be represen- $200,000-499,999 7 1 $500,000 and over 11 0) tative of all families in the United States. 1962 income: Higher sampling rates, however, were used 0 $ - 3 $ ,0 2 0 ,9 0 9 -4 9 ,999 1 1 6 3 2 2 8 0 $5,000-7,499 16 22 among groups of families expected to have $7,500-9,999 13 15 $10,000-14,999 14 11 sizable amounts of net worth to provide the $15,000-24,999 9 3 data for statistical analysis of relationships $ $5 2 0 5 , , 0 0 0 0 0 0 - ^ 9 9 9 , , 9 9 9 9 9 9 oo 0) $100,000 and over 7 0) 4 between such factors as size and composi- Age of family head: tion of net worth. The data presented in this Under 25 3 5 25-34 14 17 35-44 20 21 report are appropriately weighted so that 45-54 23 20 55-64 22 18 they represent estimates for all families and 65 and over 17 19 for each of the various groups shown. Employment-housing status: Nonfarm homeowner 67 57 Approximately 2,600 families provided Self-employed 18 6 Employed by others 39 38 all or most of the data requested. In order to Retired 6 9 Nonfarm renter 30 38 Self-employed 3 1 compute a response rate relevant to the Sur- Employed by others 21 28 Retired 3 4 vey findings and comparable with other sur- Farm operator 3 4 veys, it is necessary to apply the same weights Region: Northeast 30 26 as used in the basic tabulations. This yields North Central 28 28 South 25 30 an over-all response rate of 86 per cent. West 17 17 The data presented in this report are prei Less than y2 of 1 per cent, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

290 FEDERAL RESERVE BULLETIN • MARCH 1964 Since the estimates in this report are are subject to errors of response and nonbased on a sample, they are subject to sam- reporting. pling variability. Particular care should be Evaluation of the quality of the data and exercised in the interpretation of figures preparation of estimates of variances are based on relatively small numbers of cases as currently in process. Subsequent reports will well as small differences between figures. cover these subjects as well as an analysis of Moreover, as in all field surveys, the figures survey methods. NOTES TO TABLES AND CHARTS Definitions of net worth components. ment. Respondents were asked to value their interest in such Net worth in own home represents the respondent's estimate businesses at market. of market value of his principal residence as well as any vaca- Miscellaneous assets consist of assets held in trust; amounts tion homes owned, less debt secured by such properties. Owner- that family members could have withdrawn from profit-sharing occupied farm residences are included under business interest. and other deferred income plans had they left their jobs on December 31, 1962; and such assets as oil royalties, patents, and Net worth in automobiles represents the respondent's esticommodity contracts. mate of market value in the majority of cases. In the remaining cases, values from the Red Book of the National Market Personal debt consists of nonbusiness debt not secured by Reports, Inc. were used. Debts secured by automobiles were any of the asset types covered in the Survey. Examples are deducted. instalment debt on consumer durable goods other than automobiles; home repair and modernization loans; debts to hos- Business interest consists of equity in farm and nonfarm sole pitals, doctors, and the like. proprietorships, partnerships, and closely held corporations in Total net worth for purposes of this Survey consists of the which the respondent considered himself to be active in manvarious asset components of net worth described above less agement. Investment in business by self-employed professionals personal debt. is also included here. Respondents were asked to value their businesses on two bases—book and market. The net worth The shares shown in the charts represent the various asset concept used in this report incorporates businesses valued at components and personal debt as percentages of total assets less book in most cases. the debts associated with them. Equity in life insurance, annuities, and retirement plans Definitions of other variables. consists of cash surrender value of life insurance, less loans secured by policies; the amounts that families could have with- Income is denned as the total money income received in drawn from retirement plans had they left their jobs on De- 1962 by all family members before any payroll deductions. cember 31, 1962; and amounts which had been paid for indi- The following components are included: salaries; commissions; vidual annuities as of December 31, 1962. The present value net income from unincorporated businesses or professions, of annuities that were paying income in 1962 is not included partnerships, and farms; dividends; interest; net income from in the estimate. Data on the face value of all life insurance, rents; pension and social security payments; and any other including policies that do not have cash surrender value, were periodic payments received by family members. The very few collected in the Survey and will be presented in a later report. families who reported negative incomes during 1962 are in- Liquid assets consist of checking accounts at banks; savings cluded in the data for all families, but are not shown sepaaccounts at banks; shares in savings and loan associations and rately in the tables. credit unions; and U.S. savings bonds valued at face. The employment-housing status groupings are modifications Stocks consist of all publicly traded common and preferred of Census Bureau occupation, class of worker, and tenure stocks, shares in mutual funds and other investment companies, classes. Self-employed consists of families whose head was active and shares in investment clubs, less net debit balances and in the management of a family business, including closely held loans secured by stocks. Shares were valued at market prices corporations and partnerships as well as sole proprietorships prevailing on December 31, 1962. and self-employed professional persons. The retired group con- Marketable bonds consist of bonds, notes, bills, certificates, sists of families whose head was 65 years or older in 1962 and and debentures issued by the U.S. Government, by State and did not work during the year. Farm laborers, families with local governments, by foreign and domestic corporations, and head under 65 reporting no work experience during 1962, and by foreign governments, less loans secured by such bonds. families who did not report occupation are included in the data These securities were valued at par. for all families, but are not shown as separate groups in the Other investment assets consist of mortgage assets (amount tables. outstanding as of December 31, 1962); real estate valued at The regions shown are the four major Census regions as market less debt outstanding; and closely held or family busi- defined in "Consumer Income," Current Population Reports, nesses in which a family member was not active in manage- Series P-60, No. 41. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUPPLEMENTARY TABLE 1 NET WORTH OF CONSUMERS WITHIN SPECIFIED GROUPS, DECEMBER 31, 1962 Percentage distribution of families, by net worth Group characteristic All Mean Median families 0- $1,000- $5,000- $10,000- $25,000- $50,000- $100,000- $200,000- $500,000- $1,000,000 (dollars) (dollars) Negative $999 4,999 9,999 24,999 49,999 99,999 199,999 499,999 999,999 and over All families.. 100 17 17 14 24 0) 22,5881 7;55O 1962 income: 0-$2,999 100 12 31 16 15 17 1 C1) 0) 8,875 2,760 $3,000-4,999 100 15 22 22 12 17 3 0) 8 30,914 3,320 $5,000-7,499 100 7 14 21 17 28 4 0) 0) 15,112 7,450 $7,500-9,999 100 3 5 19 16 37 14 5 2 (1) 21,243 13,450 $ $ 1 1 5 0 , , 0 0 0 0 0 0 - - 2 1 4 4 , , 9 9 9 9 9 9 1 1 0 0 0 0 0 1 ) 0 3 ) 9 2 1 8 3 3 1 4 8 2 3 4 0 2 1 6 1 4 7 7 0) 0 0 ) ) 7 3 4 0 , , 3 3 2 8 9 9 4 2 2 0 , , 7 5 5 0 0 0 $25,000^*9,999 100 0) 0) 1 2 7 20 31 30 5 0) 267,996 160,000 $ $ 5 10 0 0 ,0 ,0 0 0 0 0 -9 a 9 n ,9 d 9 o 9 v er 1 1 0 0 0 0 0 0 ) ) 0 0 ) ) ( 0 l) ) 0 0 ) ) C 0 1 ) ) 0) 0 3 ) 13 1 3 4 7 2 6 7 1 2 3 0 5 1, 7 5 8 5 9 4 , , 5 1 8 5 2 2 4 8 7 7 0 5 , , 0 0 0 0 0 0 Age of family head: Under 25 100 33 48 14 5 0) C1) 0) 0) 0) 0) 762 270 2 3 5 5 - ^ 3 4 4 1 1 0 0 0 0 1 8 8 2 1 6 3 2 1 5 8 1 1 5 8 2 1 8 3 8 5 0) C1) 0 0 ) ) 0 0 ) ) 1 7 9 , , 6 4 6 42 1 2 8 , , 0 0 8 0 0 0 45-54 100 7 10 19 10 29 16 6 2 0) 0) 25,459 11,950 55-64 100 2 14 10 14 29 16 9 4 0) 0) 34,781 14,950 65 and over 100 2 17 13 17 25 16 6 1 C1) 30,718 10,450 Employment-housing status: Nonfarm homeowner 100 15 19 36 16 7 31,478 15,100 Self-employed 100 4 8 26 23 21 96,385 38,250 Employed by others 100 17 20 37 14 5 1 0) (0 22,026 13,150 Retired 100 0) 2 11 24 33 22 5 1 0) 29,752 16,150 Nonfarm renter 100 19 39 21 8 7 3 I 1 0) 8,092 720 Self-employed 100 7 12 10 4 23 27 7 2 4 73,691 20,500 Employed by others 100 22 35 24 9 6 2 1 C1) 0) 0) 0) 5,268 760 Fa R rm et i o re p d e rator 1 1 0 0 0 0 0 5 ) 54 5 1 6 1 1 1 4 2 2 1 6 1 29 1 1 2 6 (1> 3 0 C1 ) ) 0 C1 ) ) 4 1 3 0 , , 9 8 7 2 3 7 26,2 6 5 6 0 0 Region: Northeast 100 16 15 14 28 10 (0 C1) 23,980 8,600 North Central 100 6 14 14 15 29 13 0) 0) 23,632 10,150 S W o e u s t t h 1 1 0 0 0 0 1 7 0 2 1 0 8 2 1 2 8 1 1 5 2 2 1 1 8 1 9 4 0 (* ) ) 8 2 1 6 8 , , 1 3 9 1 2 8 4 7 , . 6 6 4 5 0 0 i No cases reported or less than y2 of 1 per cent. NOTE.—All data are preliminary and are subject to revision. Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUPPLEMENTARY TABLE 2. COMPOSITION OF NET WORTH, DECEMBER 31, 1962 A. Percentage of group having specified assets or debt—Families grouped by size of net worth, income, etc. Tangible assets Liquid and investment assets Business, Life profession insurance, Personal Group characteristic h O o w m n e m A o u b to il - e no ( n f a a f n a r d m rm) r a e n t p i n r l u e a i m n ti s e e n s, t All L a i s q s u et i s d ! :— Investment assets (e a x d c u e l t b u o t d ) es All families. . 83 59 73 58 79 78 29 50 Size of net worth: Negative 61 59 3 30 48 48 3 1 1 97 0-$999 50 10 47 3 34 45 44 1 1 4 42 $1,000-4,999 87 50 74 6 53 78 77 11 6 C1) 4 10 59 $5,000-9,999 93 77 76 14 64 87 86 25 15 11 14 56 $10,000-24,999 96 87 83 21 72 95 94 37 20 2 20 16 49 $25,000-49,999 97 87 90 36 76 99 98 62 39 5 32 18 24 $50,000-99,999 99 83 89 56 71 97 97 84 53 9 53 20 22 $100,000-199,999 94 86 91 57 74 100 100 93 79 19 43 26 23 $200,000^99,999 88 85 87 53 58 99 97 95 77 21 62 23 11 $500,000 and over 99 83 81 69 73 100 99 82 48 56 66 29 1962 income: 0-$2,999 62 44 39 14 31 58 56 15 9 2 7 6 34 $3,000-4,999 82 47 76 12 53 73 73 19 10 1 13 8 56 $5,000-7,499 95 62 89 17 67 87 86 27 16 1 13 12 58 $7,500-9,999 95 74 92 19 77 96 96 39 21 2 22 18 63 O $10,000-14.999... 97 82 95 23 82 97 96 53 36 6 24 18 50 to $15,000-24,999... 93 84 91 29 82 100 97 71 52 7 37 25 41 $25,000^9,999. . . 98 92 96 70 84 100 100 89 78 20 47 28 29 $50,000-99,999... 97 93 83 70 84 100 99 94 87 36 62 39 16 $100,000 and over. 99 97 85 81 92 100 99 99 98 68 81 42 17 Age of family head: Under 25 75 12 75 1 43 75 74 5 3 0) 2 8 72 25-34 87 42 86 12 58 77 76 21 15 7 10 72 35-44 87 60 83 20 66 81 81 28 16 15 16 63 45-54 88 71 81 20 68 80 80 33 22 19 14 54 55-64 82 69 70 23 62 79 77 38 21 20 12 32 65 and over 74 64 46 14 38 79 78 29 18 17 9 19 Employment-housing status: Nonfarm homeowner 100 100 83 19 66 89 87 37 22 21 15 50 Self-employed 100 100 93 99 74 97 95 60 32 43 17 34 Employed by others.... 100 99 91 10 74 91 89 36 21 19 16 59 Retired 100 100 47 8 38 80 78 30 21 15 12 24 Nonfarm renter 58 1 58 7 48 66 65 16 11 7 8 51 Self-employed 72 5 72 100 56 85 85 47 43 9 23 58 Employed by others.... 68 1 68 4 53 70 70 15 10 6 9 61 Retired 20 1 19 5 20 59 57 13 7 10 1 8 Farm operator 97 54 94 100 48 84 83 42 31 17 15 30 Region: Northeast. . . . 74 55 63 13 67 80 79 27 22 10 11 47 North Central. 87 64 78 20 61 85 83 31 18 16 12 45 South 86 60 75 19 53 71 69 26 12 17 12 54 West 86 55 18 48 84 84 33 21 18 15 54 i No cases reported or less than }4 of 1 per cent. NOTE.—All data are preliminary and are subject to revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUPPLEMENTARY TABLE 2. COMPOSITION OF NET WORTH, DECEMBER, 31, 1962 B. Mean amount of specified assets or debt held by all families in group—Families grouped by size of net worth, income, etc. (In dollars) 3 I Tangible assets Liquid and investment assets Group characteristic * i w T n o o e r t t a t h l All h O o w m n e m A o u b to il - e p ( n B f r o a o u n r f s m e f i a n s r s e a m i s n o s ) d n , r i a n e n t s p i n u L r l u e r a i a i m f n t e n i s e e c n s e , t , All L a i s q s u et i s d All S I t n o v c e k s s tmen a t b M l a e s a s r b e k o t e s n t d - s Other cel a l M s a s n i e s e t - o s us ( P e e x a L d r c u e e s l t o s b u o s n t d ) : a e l s All families • 22,588 6,612 5,975 637 3,913 1,376 9,642 2,579 7,063 4,072 456 2,535 1,528 483 Size of net worth: Negative.... . . . . .; -538 121 37 84 92 67 82 64 18 7 1 10 3 903 0 $999 302 214 72 141 30 124 108 98 11 1 2 8 13 186 $1,000-4,999 2,809 1,706 1,284 422 127 563 731 631 100 46 4 50 76 394 $5,000-9,999 7,305 4,536 3,996 540 404 927 1,665 1,268 397 150 8 240 197 374 $10 000-24 999 16,281 9,422 8,634 789 1,656 1,511 3,980 2,266 1,715 567 8 1,140 241 529 $25,000-49,999 35,309 14,956 13,721 1,236 5,283 2,625 11,874 5,961 5,914 2,132 272 3,510 795 225 $50 000-99 999 67,042 15.748 14,429 1,319 15,701 4,342 30,560 9,512 21,048 9,659 461 10,928 1,181 490 $100,000-199,999 • 129,958 26,960 25,215 1,745 22,484 5,312 73,068 14,454 58,614 38,301 2,202 18,111 3,795 1,662 $200,000-^99,999 i 293,655 27,209 24,691 2,519 65,832 8,803 182,006 19,151 162,855 105,160 4,249 53,445 11,464 1,659 $500,000 and over { ,176,281 54,006 51,452 2,554 248,811 18,677 590,160 40,973 549,187 363,208 79,023 106,956 273,272 8,646 1962 income: • 0-$2,999 ' 8,875 3,901 3,752 149 1,418 190 3,458 1,330 2,128 1,480 201 448 113 205 $3,000-4,999 10,914 3,956 3,544 412 1,902 635 4,663 1,738 2,925 818 19 2,088 137 378 to $5 000-7 499 ' 15,112 5,615 4,973 643 2,050 1,135 5,426 1,716 3,710 2,365 18 1,326 1,339 453 $7,500-9,999 ; 21,243 8,367 7,499 868 2,577 1,879 7,500 2,722 4,779 1,476 44 3,258 1,632 712 $10,000-14,999 30,389 10,873 9,527 1,346 5,174 2,975 11,202 4,233 6,969 3,761 316 2,893 749 584 $15,000-24,999 74,329 17,004 15,188 1,816 9,088 5,196 39,880 9,241 30,638 18,733 1,445 10,460 3,664 502 $25 000-49,999 267,996 35,090 32,215 2,875 66,144 10,819 111,761 19,098 92,663 58,111 4,742 29,810 48,736 4,553 $50,000-99,999 789,582 48,764 45,961 2,803 251,977 19,559 387,573 41,845 345,728 204,665 71,971 69,092 86,313 4,604 $100 000 and over 1 554,152 89,645 85,634 4,011 288,915 32,309 1,058,672 54,426 1,004,246 758,253 121,985 124,008 96,879 12,268 Age of family head : Under 25 762 544 248 297 36 125 381 256 125 44 O) 81 169 493 25-34 7,661 2,798 2,300 498 1,014 678 1,566 647 919 515 29 375 2,098 492 35-44 19,442 5,952 5,244 708 3,939 1,496 6,061 1,556 4,505 2,356 195 1,953 2,541 546 45 54 . 25,459 8,557 7,645 912 5,776 2,241 8,144 2,563 5,581 2,834 272 2,475 1,472 730 55-64 34,781 9,206 8,465 741 6,275 1,789 16,647 4,117 12,530 7,542 695 4,293 1,220 356 65 and over 30,718 7,846 7,474 372 3,267 873 18,452 4,670 13,782 8,349 1,234 4,198 535 256 Employment-housmg status: Nonfarm homeowner 31,478 10,996 10,148 848 4,441 1,827 12,778 3,301 9,477 5,453 565 3,459 2,013 576 Self-employed 96,385 17,695 16,403 1,292 34,367 3,883 37,148 6,710 30,438 14,388 2,642 13,408 4,646 1,355 Employed by others 22,026 9,902 8,974 928 702 1,884 8,067 2,388 5,678 3,586 195 1,897 2,010 539 Retired 29,752 11,287 10,952 335 748 603 16,991 5,023 11,969 7,361 678 3,930 421 299 Nonfarm renter... . 8,092 383 48 335 1,167 753 5,239 1,586 3,654 2,411 303 940 903 354 Self-employed 73,691 1,297 415 882 25,815 2,298 23,890 4,754 19,136 11,270 5,865 2,001 23,819 3,428 Employed by others 5,268 395 28 367 420 803 3,813 1,244 2,569 1,600 90 879 150 312 Retired . 10,827 161 75 85 73 212 10,183 3,212 6,970 5,312 82 1,576 212 13 Farm operator 43,973 6,182 5,501 681 25,767 1,278 10,138 2,309 7,829 1,354 535 5,940 1,095 486 Region: Northeast ; 23,980 7,141 6,611 530 3,026 1,708 10,833 3,400 7,434 5,581 682 1,171 1,783 512 North Centra! ; 23,632 7,454 6,728 726 4,954 1,312 9,153 2,626 6,527 3,006 335 3,186 1,245 486 South j 18,318 5,168 4,571 597 3,409 1,128 8,112 1,915 6,197 3,258 513 2,426 929 429 West . * 26,192 6,941 6,219 723 4,423 1,408 11,300 2,415 8,885 4,949 212 3,725 2,647 529 1 No cases reported. NOTE.—All data are preliminary and are subject to revision. Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Treasury and Federal Reserve Foreign Exchange Operations and the Gold Pool This fourth joint interim report reflects This report was prepared by Charles A. the Treasury-Federal Reserve policy of Coombs, Vice President in charge of the making available additional information on Foreign Department of the Federal Reserve foreign exchange operations from time to Bank of New York, and Special Manager, time. The Federal Reserve Bank of New System Open Market Account. It covers the York acts as agent for both the Treasury period September 1963-February 1964. Preand the Federal Open Market Committee vious reports have been published in the of the Federal Reserve System in the con- BULLETINS for September 1962 and for duct of foreign exchange operations. March and September 1963. During the 6-month period September made, each generally within 6 months from 1963 through February 1964, the volume the date of the drawing. As of the end of of foreign exchange operations conducted February 1964, the net debtor position of by the Federal Reserve Bank of New York, the Federal Reserve under all these agreeas agent both for the Federal Reserve and ments combined was $145 million, comfor the U. S. Treasury, expanded still fur- pared with a 1963 peak of $342 million on ther. Coming against the background of a December 13. Further substantial progress sharp improvement in the U.S. balance of in reducing this net debtor position is expayments, this increase in exchange opera- pected during the next few months. tions reflected both the ebb and flow of Supplementing their cooperation in forinternational payments—marked in recent eign exchange markets, the monetary aumonths by sharp swings in the net dollar thorities on both sides of the Atlantic have in position of foreign countries—and greater recent years developed informal arrangeuse of the available facilities by foreign cen- ments for coordinated action in the London tral banks. gold market. The markets for gold and for- The bulk of the transactions executed for eign exchange are closely linked, and orderly Federal Reserve account were financed conditions in both are essential for a smooth through the network of central bank recipro- functioning of the world monetary system. cal currency agreements, the so-called "swap The history and nature of official operations network." From the first use of the Federal in the London gold market are described Reserve swap program in March 1962 in the second part of this report. through the end of February 1964, total drawings on these swap lines by the Federal FOREIGN EXCHANGE OPERATIONS SINCE Reserve and other central banks amounted AUGUST 1963 to $1,608 million. Over the same period, Since the end of August, the Federal Retotal repayments of $1,263 million were serve swap network has been broadened to 294 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN OPERATIONS AND GOLD POOL 295 include a $150 million swap arrangement change market, as well as through foreign with the Bank of Japan, while the swap fa- central banks in their markets, in order to cilities with the central banks of Italy and cushion the potentially disturbing effects of Germany have each been increased from short-term capital movements arising out of $150 million to $250 million, and those seasonal fluctuations, changing money marwith the Swiss National Bank and the Bank ket conditions abroad, and speculative presfor International Settlements have each been sures. enlarged from $100 million to $150 million. The most striking operation of the latter The very existence of this central bank net- type occurred at the time of the assassination work, now embracing 12 national currencies of President Kennedy on Friday, November and providing mutual credit facilities of 22. The initial shock of the news from Dallas $2,050 million, exerted a strongly stabiliz- temporarily paralyzed the New York exing influence on the gold and foreign ex- change market, and as ominous rumors conchange markets, which remained calm in cerning the condition of both the President the face of a number of potentially danger- and the Vice President began to flood the ous developments. financial markets, there was a clear risk that the panic selling which had hit the stock market might spread to the gold and foreign FEDERAL RESERVE RECIPROCAL CURRENCY exchange markets as well. ARRANGEMENTS, FEBRUARY 29, 1964 To provide firm assurance of the conti- Amount of facility Term nuity of U.S. international financial policy, Institution (in millions (in the Federal Reserve immediately placed in of dollars) months) Bank of France 100 3 the New York market sizable offers of most Bank of England 500 12 of the major foreign currencies at the rates Netherlands Bank 100 3 National Bank of Belgium 50 6 prevailing just prior to the tragedy. The Bank of Canada simultaneously and on its Bank of Canada 250 12 Bank for International Settlements 150 3 own initiative took similar steps, which were Swiss National Bank 150 3 German Federal Bank 250 3 then reinforced by Federal Reserve actions in New York, to stabilize the Canadian dol- Bankofltaly 250 6 Austrian National Bank 50 3 lar-U.S. dollar rate. Bank of Sweden 50 3 Bank of Japan 150 3 As the market realized that the Federal Reserve, with the cooperation of foreign cen- Total -. 2,050 tral banks, was fully prepared to defend the During the period under review, drawings existing rate levels, speculative reactions by the Federal Reserve on the swap lines subsided and the market closed with a firm were made primarily for the purpose of tone. By the end of the day, total Federal absorbing, through direct transactions, tem- Reserve intervention in the New York marporary accumulations of dollars on the ket had amounted to no more than $23 milbooks of certain foreign central banks, lion in all currencies. Intervention by the mainly those of Germany, Switzerland, and Bank of Canada to support the U.S. dollar the Netherlands. There were also occasions, on November 22 amounted to $24 million; however, when the Federal Reserve inter- half of these acquisitions were subsequently vened directly in the New York foreign ex- taken over by the Federal Reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

296 FEDERAL RESERVE BULLETIN • MARCH 1964 Although the European markets were al- French francs—was made under the $500 ready closed at the time of the assassination, million standby agreement with the IMF telephone contacts were swiftly made with announced by President Kennedy on July officials of the major European central 18. The foreign currency proceeds of this banks, and well before the close of Friday drawing are being sold to other member afternoon arrangements had been completed countries for their use in making repayments for a joint program of official intervention to the IMF, since with the IMF's holdings of on both sides of the Atlantic to deal with any dollars now equal to the dollar portion of the speculative developments either in New U.S. subscription, the IMF cannot at this York or abroad. As this coordinated inter- time accept further dollars in repayment. vention became clear to the European mar- While this first drawing upon the IMF kets, trading remained quiet and orderly at by the United States was essentially of a stable rates on the following Saturday morn- technical nature, it nevertheless demoning as well as on Monday (when the New strated that the resources of the IMF can York market remained closed on the na- be called upon by both large and small tional day of mourning). No further Federal countries, not only in times of emergency Reserve intervention, and only limited inter- but also in a more or less routine way. Use of vention by foreign central banks, was re- the IMF by other countries in such a manner quired. would help to integrate further its large The Federal Reserve Bank of New York resources into the usable foreign assets of also continued to intervene in the foreign member countries. exchange markets here and abroad on behalf There is thus emerging in even sharper of the U.S. Treasury. Treasury operations focus a spectrum of more or less formalized were concentrated in the forward markets international credit facilities, ranging from in an effort to influence the timing and direc- the central bank swap network at the short tion of short-term capital flows between end to foreign currency bonds and IMF money market centers. In addition to such credit facilities in the intermediate area. market transactions, the Treasury expanded Each of these credit facilities is complemenits issues of foreign currency securities from tary to the others. Each may be selectively $705 million to $760 million equivalent. On employed, depending on whether the opera- March 9 the Treasury repaid at maturity a tional problem calls for immediate action to $50 million equivalent lira bond issued to deal with a temporary situation or a more the Bank of Italy. This was the first such re- studied resort to medium-term credit, either payment of a Treasury medium-term foreign from one government to another or from the currency bond and points up the reversi- international pool of credit provided by the bility of such Treasury medium-term credit IMF. Further development and refinement operations. of such mutual credit facilities to deal with One other development during the period problems that may lie ahead affords a most under review that deserves particular men- useful means for strengthening the world's tion was the U.S. drawing on the Interna- payments system. tional Monetary Fund on February 13. This German marks. Since January 1963 there drawing in the amount of $125 million has been almost continuous buying pressure equivalent—mainly in German marks and on the German mark, reflecting mainly a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN OPERATIONS AND GOLD POOL 297 substantial improvement in the German for- when buying pressure on the mark tapered eign trading position, large inflows of long- off, the Federal Reserve purchased $25 milterm capital, and occasional inflows of short- lion of marks, which were employed to reterm funds in response to tight money mar- duce the swap drawing to $75 million. The ket conditions or hedging operations. remainder was fully liquidated by October In May and June 1963, as noted in the 28, mainly with marks acquired from the preceding report in this series, the Federal German Federal Bank in conjunction with Reserve drew the entire $150 million equiv- the German Defense Ministry's need for alent of marks available under its mark dollars to purchase U.S. military equipswap line with the German Federal Bank. ment. In the face of continuing pressure, it then In November the German Federal Bank appeared advisable to shift to medium-term once again took in substantial amounts of U.S. Treasury financing through a $25 mil- dollars, as German banks began repatriating lion issue on July 11 of a 2-year mark bond, funds for the year-end. Consequently, the which provided funds for further interven- Federal Reserve made new drawings on the tion during the remainder of July. This issue swap line—which had been expanded to brought Treasury issues of bonds denomi- $250 million on October 10—both to mop nated in marks to a total of $225 million up dollars from the German Federal Bank equivalent. and to acquire marks to sell in the New York Despite this shift in the financing of U.S. market. Marks were also sold in the New operations in marks, the Federal Reserve York market for U.S. Treasury account. still was faced with the problem of early The inflow of funds to Germany persisted liquidation of its commitments under the through mid-December, by which time Fedfully drawn $150 million swap arrangement. eral Reserve drawings on the swap line had As this appeared likely to take some time, risen to $136 million (including $10 million however, the Federal Reserve and the Treas- drawn to cover spot sales made in New ury—in line with the general policy of re- York on November 22, following the assasserving swap facilities for countering flows sination of President Kennedy). Once again, that give evidence of being quickly reversible however, the German Defense Ministry's —felt it desirable at this point to substitute, need for dollars enabled the Federal Reserve for a portion of the short-term obligations of to acquire marks, in this case totaling $70 the Federal Reserve to the German Federal million equivalent, during the remainder of Bank, a medium-term U.S. Treasury bor- December. These marks, supplemented by rowing in the form of a further $50 million market acquisitions through the German issue of 2-year mark bonds. The mark pro- Federal Bank, were used to reduce the net ceeds of this issue were immediately sold commitments under the swap to $59 million by the Treasury to the Federal Reserve and at the close of the year. A further reversal of were used to reduce the Federal Reserve the year-end window dressing early in Janswap drawing to $100 million. This was the uary enabled the System Account Managefirst instance of a refunding of a Federal ment to acquire through the German Fed- Reserve swap drawing through medium- eral Bank sufficient additional marks to term Treasury borrowing. liquidate the remainder of the mark swap During August and early September, drawings by January 9, 1964. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

298 FEDERAL RESERVE BULLETIN • MARCH 1964 Once the post-year-end outflow of short- nated operations in New York and Zurich, term capital ended, the mark strengthened the Swiss and U.S. authorities tempered these again as the growing German trade surplus market pressures and prevented unduly and a continuing inflow of capital for invest- sharp rate movements. Intervention took the ment in German securities created a heavy form mainly of U.S. Treasury sales of Swiss demand for marks. Late in February, this francs for forward delivery and market purdemand became further swollen by specu- chases of spot dollars by the Swiss National lative money movements, mainly within Bank, both on a moderate scale. Europe. In order to counter these pressures, In September the Swiss franc strengthened the German Federal Bank took in dollars at still further as a result of inflows of funds asrates just below the ceiling for the mark, and sociated with the usual market gossip surthe Federal Reserve Bank of New York rounding the annual IMF meeting and also intervened in the New York spot market as because of a flow of funds from Italy. To well as the forward market. help counter these pressures and reduce Swiss francs. As has been pointed out by Swiss official reserve gains, the forward sale both U.S. and Swiss officials, the strength of of Swiss francs for Treasury account in the the Swiss franc in recent years has been at- Swiss market was resumed, and during Septributable mainly to recurrent inflows of tember some $72 million equivalent was short-term capital funds associated with committed, raising to $105 million equivainternational tensions. Whenever these short- lent the Treasury's forward Swiss franc comterm inflows have tapered off, the underlying mitments. Nevertheless, the Swiss National deficit in the Swiss balance of payments has Bank had to absorb substantial amounts of emerged and generated a sizable demand for dollars. In order to acquire Swiss francs to dollars to finance imports and other pay- mop up these excess Swiss National Bank ments. During the spring and early summer dollar holdings, the Federal Reserve reacof 1963, such a demand for dollars reap- tivated the swap arrangement with the Bank peared and brought about a strengthening for International Settlements, drawing $50 of both the spot and the forward dollar rates million on September 30 and $30 million against the Swiss franc. Under these condi- on October 7. tions, the Federal Reserve and Treasury Although there was a temporary easing made rapid progress in reducing their short- of the influx when the IMF meeting came to term debt in Swiss francs, which had totaled a close, further heavy flows of funds from $188 million at the beginning of the year. Italy occurred. To cope with these pressures, By June 20, the debt had been fully liqui- the Treasury sold during the first half of dated. October $44 million additional of forward In late July, however, the Swiss franc Swiss francs, and the Federal Reserve on Ocstrengthened once more, as the Swiss money tober 22 drew the remaining $20 million of market became somewhat tighter. To coun- Swiss francs available under the $ 100 million ter the liquidity squeeze, Swiss commercial swap arrangement with the BIS. Later in the banks repatriated funds placed abroad, and month the Federal Reserve activated its this inflow—combined with some renewed swap arrangement with the Swiss National speculative pressures—created a heavy de- Bank by drawing $60 million equivalent, mand for Swiss francs. In closely coordi- while the Treasury funded $30 million of its Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN OPERATIONS AND GOLD POOL 299 maturing forward contracts through the sale while the Treasury's forward contracts toof a Swiss franc-denominated certificate of taled $120 million. indebtedness to the Swiss Confederation. In In February 1964 the Swiss franc rate early November, the Swiss franc came off eased as the heavy net capital inflows of its ceiling as a result both of a slowing down earlier months began to taper off, thus in the influx of funds from Italy and of an exposing the underlying Swiss currenteasing in the Swiss money market, and the account payments deficit. Later in the month Federal Reserve was able to acquire suffi- it was possible for the Federal Reserve Bank cient francs to reduce its drawings on the of New York to acquire Swiss francs against Swiss National Bank and BIS by $5 million dollars from the Swiss National Bank. The each—to $55 million and $95 million, re- latter required the dollars so purchased to spectively. cover current needs. It is anticipated that In the latter part of November the Swiss sizable reductions will be made over the next few months in the outstanding Federal franc again advanced toward the ceiling as Reserve and Treasury short-term commit- Swiss banks began to repatriate funds for ments in Swiss francs. year-end needs. By November 22 the rate Netherlands guilders. Buying pressure on was just below the ceiling, and after the the guilder developed in mid-March 1963 assassination of President Kennedy, it moved and continued for more than 2 months thereto the ceiling, at which level the Federal after. Part of the dollar influx into the Neth- Reserve sold some $2 million of francs. On erlands apparently originated in foreign dithe same day, the swap lines between the rect investment. But a more important cause Federal Reserve and the BIS and Swiss was a gradual tightening of money market National Bank were each increased by $50 conditions in the Netherlands. To bolster million to $150 million. The franc then retheir strained domestic liquidity positions, mained at, or just below, its ceiling through Dutch commercial banks repatriated shortthe end of the year. term investments from abroad. In these cir- During December, the Swiss National cumstances, it seemed appropriate to pre- Bank engaged in a large volume of swap vent through central bank swap operations transactions with the Swiss commercial the potential unloading of such repatriations banks (buying U.S. dollars spot and selling on the Netherlands Bank. Accordingly, from them forward) in order to provide accom- April 10 through May 28 the Federal Remodation for the year-end repatriation of serve gradually disbursed a total of $44 milfunds. In addition, the Swiss National Bank lion equivalent in guilders acquired through had to absorb a substantial volume of dollars drawings on the $50 million swap line with in the spot market on an outright basis. Most the Netherlands Bank. of these excess dollar holdings were mopped By early June the tide began to turn, as up on December 31 by a Federal Reserve the Netherlands Bank again reduced the drawing of $70 million of Swiss francs under commercial banks' cash reserve requirethe swap arrangements with the BIS and ments and money market conditions eased. the Swiss National Bank. Thus, at the year- With the decline in Dutch money rates and end the Federal Reserve's swap commit- the strengthening of the Dutch commercial ments in Swiss francs totaled $220 million banks' liquidity positions, the banks resumed Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

300 FEDERAL RESERVE BULLETIN • MARCH 1964 placements of short-term funds abroad. tracts. The remainder of the guilders needed Throughout the summer months the guilder to meet the Treasury's commitment were acmarket was quiet, and by July 28 the Fed- quired through a swap with the BIS of $17 eral Reserve was able to acquire sufficient million of the Treasury's holdings of marks guilders—both from the market, and di- for guilders. (These marks had been acrectly from the Netherlands Bank in connec- quired for possible market intervention in tion with a prepayment of Netherlands gov- October through the reversal of an outstandernment debt to the United States—to liqui- ing Treasury swap with the BIS of marks date all outstanding swap drawings on the against Swiss francs. The Swiss francs Netherlands Bank. needed for this latter operation were in turn In September the guilder rate again turned acquired by swapping into Swiss francs part upward, as a general debate in the Nether- of the lira balances that the Treasury was lands over credit and wage policy gave rise building up in anticipation of future maturito widespread rumors that the guilder might ties of lira bonds issued to the Bank of Italy be revalued. This in turn set off a brief but in 1962.) heavy speculative demand for guilders, and In the latter part of November, the guilder the guilder rate rose sharply until early Oc- strengthened again, reflecting the tightening tober when the revaluation rumors died effects in the money market of a bond issue down. During this period the Federal Re- by the Netherlands government. Then on serve drew $100 million of guilders under November 22, following the assassination the swap line with the Netherlands Bank of President Kennedy, the Federal Reserve (the arrangement was increased from $50 sold in the New York market $3.2 million million to $100 million on October 2 as the equivalent of guilders out of existing balheavy movement of funds to the Netherlands ances. persisted) and sold $15 million of guilders As the guilder again eased at the turn of in the New York market while also absorb- the year, the Federal Reserve was able to ing $80 million of surplus dollars on the resume sizable purchases of guilders, and books of the Netherlands Bank. In addition, by the end of February the Federal Reserve's the Federal Reserve Bank of New York sold swap commitment had been reduced by $55 for U.S. Treasury account through the million to $25 million. In addition, the Fed- Netherlands Bank $38.7 million of guilders eral Reserve Bank of New York acquired forward for 1-month delivery in order to from the Netherlands Bank $17 million of encourage an outflow of funds from the guilders for the account of the U.S. Treasury Netherlands. and used the guilders to repay the Treasury's The guilder eased somewhat in October outstanding German mark—guilder swap and November, as funds previously repatri- with the BIS when a need for marks arose ated were reinvested abroad. The Federal in early March. This transaction once again Reserve Bank of New York was thereby en- demonstrated the flexibility of the third-curabled to acquire sufficient guilders to reduce rency swaps in enabling the United States the Federal Reserve's swap commitment by to shift from one foreign currency to another. $20 million to $80 million and to liquidate Thus, of the $138.7 million of short-term $21.7 million of the Treasury's forward con- guilder debt incurred by the Federal Reserve Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

301 FOREIGN OPERATIONS AND GOLD POOL and the Treasury in September and October sterling had been provided by the Bank of 1963, all but $25 million had been repaid England through intervention in the exin less than 6 months. change markets and, in a minor way, by Sterling. Perhaps the most important single Federal Reserve purchases of sterling in New development in the sterling-dollar relation- York. Following the bank rate action, these ship during the past year was the increase in pressures subsided quickly. the swap line between the Federal Reserve Canadian dollars. Throughout 1963 both and the Bank of England from $50 million the Canadian and the U.S. authorities kept to $500 million, announced on May 29. The a close watch on potentially disturbing flows magnitude of this increase in the reciprocal of short-term capital between the two councurrency arrangement has greatly reinforced tries. The desire to minimize such flows apmarket confidence in the stability of the pears to have been reflected in part in adjuststerling-dollar parity. ments in the Bank of Canada's discount rate In July the Federal Reserve Bank of New in May, when it was reduced to 3 Vi per cent, York acquired for Treasury account $10 and again in August, when it was raised to 4 million equivalent of sterling, which was im- per cent following the increase in the Federal mediately swapped into Swiss francs to cope Reserve discount rate and the change in with buying pressure on the Swiss franc. In Regulation Q ceilings. With Canadian short- August the Bank purchased in the market term rates thus running only slightly above additional sterling balances of £2.7 million, U.S. rates and the forward Canadian dollar or $7.5 million equivalent, for the System at a small discount, the incentive to move Open Market Account and the Treasury. funds on a covered basis was relatively There were no further Federal Reserve or minor. Treasury operations in sterling until Novem- The completion in September of a $500 ber 22, when the Federal Reserve sold $8 million Canadian wheat sale to the Soviet million equivalent of sterling in the New Union introduced a new technical problem, York market following the assassination of which was quickly resolved. The wheat sale President Kennedy. These sales were cov- naturally created heavy demands for Caered by a Federal Reserve drawing of $10 nadian dollars for future delivery against million equivalent of sterling on the swap U.S. dollars since the sales contracts between line with the Bank of England. An easing of the Soviet Union and the international grain sterling in December, as continental com- companies (which were acting as intermedimercial banks repatriated funds from the aries) called for settlement in U.S. dollars, United Kingdom for year-end positioning, whereas the grain companies had to purenabled the Federal Reserve to purchase chase the wheat from the Canadian Grain sufficient sterling to repay the swap drawing Board with Canadian dollars. Consequently, in advance of maturity. the forward Canadian dollar moved to a The sterling market was quiet at the be- premium vis-a-vis the U.S. dollar. ginning of 1964, but in late February sterling Such a premium on the forward Canacame under some speculative selling. On dian dollar, coupled with the existing inter- February 27 the Bank of England's dis- est differential in favor of Canadian money count rate was increased from 4 to 5 per market instruments, might well have genercent. Prior to the increase, some support for ated a sizable flow of arbitrage funds from Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

302 FEDERAL RESERVE BULLETIN • MARCH 1964 the United States to Canada. In these cir- the Belgian franc market was quiet, and cumstances, acting in close cooperation, the there was no need for either party to employ U.S. and Canadian authorities intervened to the swap balances. In September, however, eliminate the forward premium on the Ca- the National Bank of Belgium disbursed $10 nadian dollar and thus reduced the covered million of the swap proceeds, as there was interest arbitrage incentive in favor of Can- some downward pressure on the franc rate. ada. In this connection, the Federal Reserve Subsequently, the Belgian money market Bank of New York engaged in swap trans- tightened (on October 31 the National Bank actions for U.S. Treasury account, buying of Belgium raised its discount rate from 4 to Canadian dollars spot and selling them for- AV4 per cent) and the franc strengthened, ward against U.S. dollars. Such operations thus permitting the bank to reconstitute the helped to meet market demands for forward $10 million disbursed in September plus $5 Canadian dollars and reduced to a minimum million disbursed earlier in the year. the flow of interest arbitrage funds during As Belgian accumulations of dollars conthis period. tinued through December, the Federal Re- On Friday, November 22, the Federal serve used $15 million of the francs drawn Reserve sold $2.3 million of Canadian dol- under the swap to mop up excess dollars lars in the New York market following the from the National Bank of Belgium, but in assassination of President Kennedy. Early in February 1964 it was able to reconstitute its the following week, the System Open Market Belgian franc balances when the bank Account sold $14 million equivalent of Ca- needed dollars. Thus, during the period the nadian dollars to the Bank of Canada to mop continuing mutual use of the swap facility up some of the latter's U.S. dollar acquisi- made it possible for the Federal Reserve and tions during the crisis period. The Canadian the National Bank of Belgium to smooth out dollar resources for these operations were fluctuations totaling $55 million in Belacquired through a $20 million equivalent gium's dollar balances. These operations drawing on the Federal Reserve swap line brought to $200 million the total swings in with the Bank of Canada. In mid-December, the Belgian position financed in this manner, when the Canadian dollar weakened as a rather than through purchases and sales of result of the usual year-end pressures arising gold, since the inception of this arrangefrom heavy interest and dividend payments ment. As previously pointed out, these operaabroad, the Federal Reserve was able to pur- tions demonstrate how flexibly the recently chase from the Bank of Canada the Ca- developed international financial machinery nadian dollars necessary to cover these swap can help finance the payments swings that commitments, and it repaid the $20 million inevitably accompany even a balanced drawing in advance of maturity. growth of trade and payments. Belgian francs. As previous reports in this French francs. The French franc remained series have pointed out, the Federal Re- firmly at its ceiling throughout the first half serve-National Bank of Belgium swap has of 1963 as the French balance of payments been fully drawn at all times, and the mutual continued in substantial surplus, and there balances thereby created have been em- was no occasion for Federal Reserve interployed regularly to finance swings in Bel- vention in the market. The French surplus gium's dollar position. In July and August moderated during the second half of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN OPERATIONS AND GOLD POOL 303 year, however, and the Federal Reserve was tinued deterioration in Italy's balance of payable for the first time to engage in some ex- ments. In October the Bank of Italy, in order ploratory operations in French francs. Be- to bolster its reserves, which were being detween July 19 and 23, in an effort to test the pleted by operations needed to support the market, the Federal Reserve drew and dis- lira rate, drew $50 million on the swap line bursed a total of $12.5 million equivalent of with the System Open Market Account. This French francs under the swap line with the standby swap facility had been increased Bank of France, which had been increased meanwhile to $250 million. to $100 million on March 4. This interven- In order to provide further support for tion lifted the dollar slightly off its floor, but the Italian reserve position and in anticipait quickly became apparent that very sizable tion of the U.S. Treasury's future need for disbursements would be required to bring lire to meet obligations arising out of the about any appreciable improvement of the issuance to the Bank of Italy of $200 million dollar rate, and intervention was accordingly in lira-denominated bonds, the U.S. Treassuspended. Later in the month the Federal ury in September and October purchased a Reserve readily acquired in the forward mar- total of $67 million equivalent of lire from ket through the Bank of France sufficient the Bank of Italy. As described earlier in this francs to cover the outstanding swap draw- report, the Federal Reserve Bank of New ings. York for Treasury account then swapped No further opportunity for operations in $17 million of these lire against Swiss francs French francs presented itself until October, with the BIS in order to reverse an equivwhen an active two-way market developed alent swap of German marks against Swiss in Paris. In order to induce further improve- francs. ment in the dollar rate, the Federal Reserve In December, as the Italian deficit perasked the Bank of France to sell at its dis- sisted, the Federal Reserve bought an addicretion spot francs for Federal Reserve ac- tonal $50 million of lire from the Bank of count, any sales to be covered by simultane- Italy, simultaneously selling the lire forward ous drawings on the swap arrangements. A to the U.S. Treasury, which thereby further total of $9 million equivalent of francs was reduced its uncovered lira bond liabilities. sold in this manner. These small-scale com- Then in January the Bank of Italy drew a mitments were quickly covered through for- second $50 million under the swap arrangeward purchases of francs. Since the turn of ment with the Federal Reserve, which at the the year, French international payments same time purchased a further $50 million have moved closer to equilibrium and the of lire from the Bank of Italy and again sidollar has moved off its floor without official multaneously sold the lire forward to the assistance. U.S. Treasury. Part of the Treasury's lira ac- Italian lire. On January 21, 1963, the quisitions were used on March 9 to pay off a Federal Reserve repaid $50 million drawn maturing $50 million equivalent lira bond in December 1962 under the swap arrange- issued to the Bank of Italy on December 7, ment with the Bank of Italy. Thereafter, 1962. there were no operations in lire until the fall Austrian schillings. The Austrian balance when the lira came under pressure as a result of payments has remained in surplus, and of the Italian cabinet crisis and the con- there has been no occasion for Federal Re- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

304 FEDERAL RESERVE BULLETIN • MARCH 1964 serve operations in Austrian schillings since in New York plus shipping charges from January 1963 when an earlier $50 million New York to London. equivalent swap drawing from the Austrian Over the long run, the London market National Bank was repaid. However, in price of gold is thus heavily dependent on order to absorb some of the Austrian Na- the support of central bank demand and, tional Bank's growing dollar holdings, the ultimately, on the U.S. Treasury as the U.S. Treasury in April and December is- buyer of last resort. Since the reopening of sued to the Austrian National Bank two $25 the market in 1954, official demand for Lonmillion equivalent 18-month bonds de- don gold has varied considerably, reflecting nominated in Austrian schillings. mainly changes in the dollar reserve position Swedish kronor and Japanese yen. A standby of foreign central banks. In each of the years swap line of $50 million equivalent was ne- 1954 through 1958, the London gold price gotiated with the Bank of Sweden in Jan- fell below $35, and it dropped as low as uary 1963, and one for $150 million was $34.85 in 1957 as the U.S. balance of paynegotiated in October with the Bank of ments moved into surplus. Japan. There have been no Federal Reserve or Treasury operations in either currency. LONDON GOLD MARKET "FIXING" PRICES (In U.S. dollars per fine ounce) THE GOLD POOL Year Highest Lowest Range Since its reopening in 1954, the free mar- 1954 35.1129 34.9606 0.1523 1955 35.0673 34.9569 0.1104 ket for gold in London has re-emerged as 1956 35.0830 34.8726 0.2104 the largest and most important center in the 1957 35.0317 34.8522 0.1795 world for free-market gold transactions.1 1958 35.1405 34.9835 0.1570 1959 35.1451 35.0429 0.1022 The annual flow of gold to the London mar- 1960 37.9863 35.0629 2.9234 ket, from new production and Russian sales, 1961 35.7788 35.0561 0.7227 generally exceeds by a substantial margin 1962 35.1867 35.0670 0.1197 1963 35.1204 35.0512 0.0692 both industrial and speculative demand. This residual supply of gold has been regularly In the short run, nevertheless, sudden absorbed by central bank purchases at prices surges of speculative demand for gold may ranging fairly closely around the fixed U.S. substantially exceed the current flow of new parity of $35 per ounce. The lower limit of gold from South Africa and other sources. the free-market price range is approximately Such a temporary shortfall of gold supplies $34.83, which derives from the U.S. parity occurred in October 1960, when an outburst of $35 per ounce, less the Treasury charge of speculative demand was generated by a of $0.0875 and shipping costs from London succession of heavy gold losses by the United to New York ranging around $0.08. Con- States and aggravated by market uncertainty versely, the upper price limit at which cen- brought on by the approaching Presidential tral banks would be prepared to buy gold election. This explosive situation culminated in London is set by the cost of buying gold in an abrupt rise in the market price for gold in London to around $40 per ounce on Oc- 1 For a description of the London gold market, see tober 20 and aroused worldwide panicky "The London Gold Market," Bank of England Quarterly Bulletin, March 1964. apprehension of a general breakdown in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN OPERATIONS AND GOLD POOL 305 exchange rate structure of the Western speculative demand might confront the Britworld. In these circumstances the Bank of ish and U.S. financial authorities with an England, with the full support of the U.S. unpleasant dilemma: If, on the one hand, monetary authorities, intervened in the mar- the free market price were allowed to rise, ket on a substantial scale in order to bring there was a clear risk that speculation might the price down to more appropriate levels. feed upon itself and result in a new wave of Following the pledge by President Ken- apprehension such as occurred in October nedy in January 1961 to maintain the of- 1960. If, on the other hand, the full brunt ficial U.S. gold parity, earlier speculation on of a speculative attack were to be absorbed a breakdown in international currency par- by drafts upon the U.S. gold reserves, the ities faded away and the London gold price subsequent weekly publication of such U.S. declined rapidly, stabilizing in March 1961 gold losses might also have unsettling conat about $35.08. During the second quarter sequences. of 1961, market supplies were increased by In view of the mutuality of interest among Russian sales, by offerings from private U.S. the central banks and treasuries on both holders required under President Eisen- sides of the Atlantic in maintaining orderly hower's Executive Order to dispose of gold conditions in the gold and exchange marstocks held overseas, and by very large sales kets, the U.S. financial authorities apout of the British gold reserves during the proached the BIS group of central banks in sterling crisis touched off by the German and October 1961 with a proposal to establish Dutch revaluations. on an informal basis a central bank selling But these temporary additions to the flow arrangement that would share the burden of of gold reaching the market tapered off dur- intervention on the London gold market to ing the summer months at about the same keep the price within bounds. Under the intime that the main Western producer, South formal arrangements subsequently approved Africa, began to build up its official gold re- by the central banks of Belgium, France, serves from domestic production. Simultane- Germany, Italy, the Netherlands, Switzerously, the gold and exchange markets be- land, and the United Kingdom, and by the came increasingly apprehensive, as the U.S. United States, each member of the group payments deficit worsened and the Berlin undertook to supply an agreed proportion crisis began to build up toward its climax (the United States share being 50 per cent) later in the year. of such net gold sales to stabilize the market By the end of August 1961 the London as the Bank of England, as agent for the market price had risen once more to nearly group, determined to be appropriate. This $35.20, and it held close to this level until selling arrangement was given a trial run in the middle of November. As the price ap- November 1961 and was then deactivated proached $35.20, European central banks in early December when an easing of market refrained from market purchases since Lon- conditions brought the London gold market don gold at these prices exceeded the ship- price down to $35.15. By the end of Febping parity from New York. While this ruary 1962, the relatively small net sales efwithdrawal of central bank demand brought fected during this trial run in late 1961 had the market into better balance, there re- been fully recovered through purchases in mained the risk that a sudden upsurge of the market. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

306 FEDERAL RESERVE BULLETIN • MARCH 1964 Early in 1962, as it began to appear that a surplus of gold might soon develop in the market, the United States again approached the BIS group of central banks with a second proposal, this time for a gold-buying arrangement. Under this arrangement, which was adopted experimentally in February 1962 and renewed in April 1962, the participants agreed to coordinate their pur- GOLD POOL stabilizes London gold price - - - - SNIGEB SELAS GNILLES O< £ / I i l l .. GNIYUB D OT SNIGEB SULPRUS 5 TICIFED TEN OTNI SEOG LOOP — SISIRC NABUC-.S.U SULPRUS TEN OTNI SEOG | C c | c X I A / , i ; , ; LOOPbanks, gold market conditions were abruptly reversed through speculation engendered by the sharp fall of security prices in the New York market and elsewhere and by the flight from the Canadian dollar. By mid-July, when quotations reached $35.12, the pool's surplus had all been used to stabilize the market. The selling arrangement was then reactivated effective July 20, 1962. Although President Kennedy's Telstar broadcast on July 23 temporarily relieved nervousness about the dollar, by the time of the IMF annual meeting in September the pool had put a net amount of nearly $50 million in the market. After a lull in the first part of - October, the Cuban crisis erupted and produced a record turnover in the market. For a very short period the pool intervened on a substantial scale, but the tension ended quickly as the international crisis receded, and the pool began to recoup its sales through market purchases. In November the selling arrangement was deactivated and has not been put into operation since. By the end of 1962, the pool's market acquisitions more than matched its earlier heavy 1962 disbursements. Throughout 1963 the gold market was NOTE.—Weekly average "fixing" price in U.S. dollars per fine ounce. relatively stable, prices never exceeding $35.12, and the pool continued to acquire chases in the London market. Individual purgold. Private demand for gold, it is true, chases by the central banks participating in persisted with little evidence of dishoarding, this gold pool have thus been replaced by and for brief periods was felt quite strongly Bank of England buying for the joint acin the market. On balance, however, private count of the entire group, with such purabsorption of gold appears to have fallen off chases by the Bank of England being subconsiderably from the very high 1962 levels. sequently distributed among the members At the same time, the 1963 volume of newly in agreed proportions. produced gold coming on the market in- By late May 1962 the Bank of England, creased over 1962, particularly in the secas agent for the pool, had bought somewhat ond half, and Russian gold sales were submore than $80 million of gold. But before stantial, especially after early September any of these acquisitions by the pool had when the Soviet Union became a heavy been distributed to the participating central Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN OPERATIONS AND GOLD POOL 307 buyer of grain in the West. Over the last 4 behavior of the market and in accordance months of 1963, prices rarely exceeded with the spirit of cooperation existing among $35.09, and the gold pool's market acquisi- a group of central banks whose interests lie tions accelerated. During the entire year the close together. The entire operation is carried pool bought in the market and distributed out in an extremely flexible and informal among the participants well over $600 mil- manner, so as best to achieve the gold pool's lion of gold. objectives. In essence, therefore, the gold pool con- As the table on page 304 shows, the sists of two kinds of arrangements, each subgold pool has stabilized prices within the ject to informal revision and renewal from range that had been customary before the month to month as agreed upon by the par- October 1960 flare-up. Such price stability ticipating representatives. First, there is a and the maintenance of orderly market conselling arrangement designed to share the ditions have brought substantial benefits to burden of stabilizing the market. This arthe entire international financial system. rangement is not in operation all the time Speculative demand has diminished and but may be quickly activated in case of need. more gold has gone into official reserves than Second, there is a buying arrangement which would otherwise have been the case. The has unified the market purchases of the main point, however, is simply this: The major monetary authorities and which moves in and out on both sides of the market, as very fact that the central banks are working needed, to help maintain orderly conditions together in the gold market, as well as in and to encourage the flow of gold into of- the foreign exchange markets, has strongly ficial hands. The gold pool originated prag- reinforced confidence in the existing internamatically and developed in response to the tional financial structure. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statements on Proposed Changes in the Federal Reserve System Statement by George W. Mitchell, Mem- than Government posts, especially for men ber of the Board of Governors of the Fed- in the prime of their careers with limited eral Reserve System, before the House Com- independent means. Perhaps an even more mittee on Banking and Currency, March 4, important deterrent to recruiting qualified 1964. candidates is the fact that a Board member must, and quite properly so, sever business and financial connections on which his fu- MY STATEMENT is divided into three ture economic prospects and security had parts. At the outset I have some comments theretofore depended. Unless a man has on the proposals incorporated in the bills substantial independent personal or family dealing with changes in the structure of the means or unless he expects to complete his Federal Reserve System. This is followed by working career within the period for which material on bank earnings over the past 10 he is appointed to the Board, the length of years, requested by Chairman Patman. Fithe term he can look forward to is a signifinally, I have a few comments on some of cant consideration in determining his availthe "money supply" theories advanced beability. It is my opinion that a term longer fore the Committee. than 4 years is needed to provide the President with a suitable panel of competent men COMPOSITION OF BOARD whose independence of judgment is least ex- In my judgment there are no significant posed to considerations of personal or fambenefits or losses to be realized by chang- ily necessity. On the other hand, I doubt ing the number of persons on the Board that a 14-year term is needed to achieve from seven to five, or nine. A Board larger whatever contribution job security can than nine would tend to become progres- make to quality and independence of Board sively more cumbersome and needlessly members; my suggestion would be a miniduplicative of points of view. A Board mum of 6 or 7 years and a maximum of 10 smaller than five would diminish the poten- to 12. tial advantages of differing points of view and delegate more policy-type decisions to ABOLITION OF FEDERAL OPEN MARKET COMMITTEE staff. As for the length of term for Board mem- During the period since I became a member bers, it seems to me a 4-year term would of the Board of Governors, in September have the unfortunate selective effect of 1961, it has consistently been plain to me eliminating many well qualified individuals that the members of the Federal Open Marwho could not consider appointment to the ket Committee, whether from the Board of Board for that length of time at prevailing Governors or from the Federal Reserve salaries. Business, banking, and academic Banks, have made open market policy deciemployment today are far more attractive sions on the basis of their individual evalua- 308 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENTS ON PROPOSED CHANGES IN THE FEDERAL RESERVE SYSTEM 309 tions of the public interest. This statement ease. From this record I detect no more does not rest on the fact that I admire bias in one direction or another among the their independence of judgment because they Presidents than can be found on the Board. tend to reach the same conclusions I do— My reason for favoring a continuation of most of them don't—but rather on my ob- the Open Market Committee more or less servation that on any given public policy the as presently constituted is not primarily views and reasoning expressed in Commit- negative, however. I think that regional reptee deliberations reflect the man, whether he resentation from men whose day-to-day lives in Washington or not. business activities keep them in touch with The Committee's policy record supports industrial, commercial, and banking develthis judgment. Looking at the voting record opments in the major centers of the Nation on the policy directives from September brings to the Committee qualitative judg- 1961 through the end of 1963, there were ments and insights that aggregative statistics 55 dissenting votes cast on directives relating will always lack. to current policy. Abstracting the dissenting AUDIT votes cast by me and one of my colleagues at a time during this period when we con- The word audit automatically claims the cluded that a policy of greater monetary support and endorsement of everyone who ease than the one described in the directive has nothing to hide. But there should be would have been desirable, the record shows a recognition that from a practical standthat 17 dissenting votes were cast by mem- point we cannot afford audit, audit, and bers of the Committee who were members reaudit. Verifying the existence and accurof the Board of Governors, and that 16 dis- acy of the assets and liabilities shown on senting votes were cast by members of the Federal Reserve balance sheets and deter- Committee who were from the Federal Re- mining if expenditures at the Federal Reserve Banks. Within the latter group, 8 serve Banks are consonant with legal reof the dissenting votes reflected a view that quirements and guidelines laid down by a policy of lesser ease would have been de- the Federal Reserve Board are achieved by sirable, while an equal number of dissenting internal auditing procedures at each Reserve votes reflected a view that a policy of greater Bank and by the Board of Governors' inease would have been desirable. These dis- dependent examinations. I believe these are senting votes were cast by 6 different Presi- ample guarantees that the Reserve Banks' dents who sat on the Committee at one time accounts and spending are fully policed. So or another during the period. Dissents by far as I am aware, the examination of several members of the Board were also to the thousand vouchers by the Committee staff right and left of the majority—for less ease did not uncover either any falsification of —for greater ease. Looking at individual the balance sheet statements or any deviavoting records, President Hayes, Governors tion from statutory requirements or from Balderston, Shepardson, and Mills have at Board guidelines. This is corroborative evitimes over this period voted against the ma- dence that a third verification and audit at jority in favor of less ease. Presidents Bopp, the Reserve Banks would waste resources Clay, Scanlon, Bryan, Deming, and Gover- that could be better employed elsewhere. nors Robertson, Mills, King and I at times Moreover, I believe it unwise to so convoted against the majority in favor of more strain management decisions that the busi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

310 FEDERAL RESERVE BULLETIN • MARCH 1964 ness of Government is operated not with a activities, employee education, and the enview to getting the job done, but with a view tertainment of visitors and guests. If any to what a third set of auditors may say about criticism is made I believe it should be of how it was done. Compared with Federal the Board of Governors for guidelines it has agencies, the Federal Reserve System is not prescribed. However, I believe the guidevery large, but I believe it gains in operating lines as they stand are satisfactory. It is efficiency from the decentralization of man- true they provide for considerable discreagement responsibility to administrators on tion on the part of the Presidents and their the site. Boards of Directors, but I see no evidence The term auditing is also used to refer to this discretion has been abused. It should a review of management policies, proce- be borne in mind that the Federal Reserve dures, and standards. This is a type of audit Banks provide many people with their first to be used with special expertise lest there job, and education on the job is needed to be a tendency to substitute the auditor's develop the new worker's potential. Average judgment for that of the operating officer salaries at the Reserve Banks are low— who bears the responsibility for perform- about $ 5,000—and welfare-educational ance as well as costs. An illustration can be programs are especially appropriate. found in the cost of providing security in Reserve Banks where vast sums of currency, FEDERAL RESERVE ACCOUNTING coin, and securities are handled daily. The Over the years some students of central expenditure for protection must be reasonbanking have suggested that it would aid ably related to the exposure to possible loss. An auditor might criticize an expenditure public understanding and approval of sound for guards as excessive, but his judgment monetary policies if the financial statements does not assume any responsibility if a loss and reporting of the Federal Reserve did is actually incurred. not follow conventional accounting lines but were made uniquely applicable to central This is not to say that I believe it inappropriate for the General Accounting Office, or bank operations. any officially designated agency, to review I believe the System has done better to the operational standards and techniques in follow conventional business accounting the Federal Reserve System to see if they practices on its operating statements and conform to the best in present-day manage- balance sheets. The magic of monetary crement practices. On the contrary, I would ation may thereby be blurred, but at least welcome such an examination. In fact, the present system has the virtue of rewithin the organization of the Board of quiring the System to show sources of re- Governors there is such a unit continuously ceipts to cover expenses and payments to the screening technical operations at the Re- Treasury, and it also establishes the prinserve Banks with a view to achieving the ciple that for every investment expenditure most economical and expeditious manner there be an equivalent balance sheet asset. of processing securities, checks, currency, These accounting conventions have more coin, or just facts. than a fictitious value in setting the rules by Some criticism has been made of the which the central bank operates, and they Presidents of the Reserve Banks for expen- are safeguards against at least some abuses ditures on employee welfare, community of monetary power. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENTS ON PROPOSED CHANGES IN THE FEDERAL RESERVE SYSTEM 311 In this context it seems to me that the fluctuated from year to year, but showed size of the Federal Reserve surplus is not no marked change over the period. particularly significant, even if it were re- The principal developments in member garded as a "sinking fund" for the retire- bank earnings and expenses from 1954 ment of the public debt. Whether or not through 1963 are summarized in the acmember banks should be permitted to own companying table. Data are shown sepastock in the Reserve Banks should be de- rately for reserve city and country banks, cided on other grounds, namely on the a breakdown which also provides a rough grounds of encouraging System member- indication of the differences in operating experience between large banks and those ship. of smaller size. The main reason that more banks do not belong to the Federal Reserve System is Rates of growth in net current earnings that it is more profitable to stay out. The over the 10-year period were identical at nonmembers usually benefit from having reserve city and country banks (item 2 in lower reserve requirements, or none at all, table), but country banks experienced a and some of them benefit by collecting fees somewhat slower rise than city banks in net income after taxes (item 3 in table). The for clearing checks. Both of these advansomewhat slower growth in net income tages to the nonmember banks are really after taxes than in net current earnings bedisadvantageous to the public interest. fore taxes at both reserve city and country Among the member banks there are many banks reflects in part the relatively large that would become nonmembers if the adadditions to income in the base year from vantages of membership were to become profits on the sale of securities. Such profits, slightly less—one of these marginal advanwhich are included in net income but not tages is the dividend on Federal Reserve in net current earnings, were particularly stock. I believe it would be unwise to make large in 1954, a recession year, when intermembership in the System any more costly est rates were depressed and market values from a competitive standpoint than it is of fixed-income securities relatively high. now. The rate of return on bank capital, as measured by the ratio of net income to total MEMBER BANK EARNINGS, 1954-63 capital accounts, has fluctuated somewhat Over the past 10 years, gross revenues of from year to year, mainly because of the member banks have increased by 130 per erratic behavior of nonoperating adjustcent, from $4,826 million in 1954 to ments, particularly profits and losses on the $11,134 million in 1963. Member bank op- sale of securities (item 5 in table). Over the erating expenses, however, have risen even period, reserve city banks earned a slightly faster, from $2,999 million to $7,900 mil- higher average return on capital than counlion, or more than 160 per cent. Reflecting try banks, 9.0 per cent compared with 8.7 the more rapid growth in operating ex- per cent. At each class of bank, this rate penses than in revenues, net current earn- exhibited a slight uptrend, averaging about ings before income taxes grew by 77 per one-half percentage point higher in the last cent and net income after taxes by 66 per 5 years than in the first 5. This small rise cent. The ratio of net income to capital relative to the increase in net income reflects Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

312 FEDERAL RESERVE BULLETIN • MARCH 1964 SELECTED EARNINGS DATA FOR MEMBER BANKS, BY CLASS OF BANK (Dollar amounts in millions; ratios expressed as percentages) Item and class of bank 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1. Gross revenue ;i Reserve city 2,857 3,170 3,659 4,074 4,271 4,819 5,298 5,429 5,952 6,504 Country 1,969 2,173 2,419 2,697 2,856 3,256 3,630 3,788 4,202 4,630 2. Net current earnings before income taxes: Reserve city 1,153 1,313 1,558 1,679 1,670 1,922 2,162 2,058 1,984 2,040 Country 674 764 840 870 840 1,013 1,111 1,085 1,128 1,192 3. Net income after taxes: 1 Reserve city 669 629 662 750 933 805 1,061 1,083 1,035 1,142 Country 427 357 364 419 524 452 628 629 660 677 4. Total capital accounts:* Reserve city 7,362 7,838 8,325 8,851 9,503 9,993 10,455 11,071 11,694 12,325 Country 4,362 4,661 4,946 5,256 5,583 5,905 6,366 6,846 7,372 7,941 5. Net income as a percentage of total capital accounts:! Reserve city 9.1 8.0 8.0 8.5 9.8 8.1 10.2 9.8 8.9 9.3 Country 9.8 7.7 7.4 8.0 9.4 7.7 9.9 9.2 8.9 8.5 6. Net interest return on loans as a percentage of total loans:2 Reserve city 4.27 4.30 4.57 4.96 5.00 5.35 5.93 5.44 5.56 n.a. Country 5.36 5.47 5.54 5.80 5.83 6.06 6.13 6.10 6.21 n.a. 7. Net interest and dividend return on securities as a percentage of total securities:2 Reserve city 2.50 1.76 1.65 2.09 3.48 1.18 3.13 3.67 3.35 n.a. Country 2.40 1.90 1.93 2.27 3.04 2.05 3.21 3.36 3.34 n.a. 8. Interest paid on time deposits as a percentage of total time deposits: 1 Reserve city 1.34 1.39 1.62 2.18 2.26 2.44 2.63 2.80 3.39 3.45 Country 1.25 1.33 1.53 1.97 2.14 2.28 2.53 2.65 3.04 3.18 9. Time deposits as a percentage of total deposits:1 Reserve city 21.4 21.8 22.0 23.5 25.9 26.4 26.2 28.7 31.7 35.3 Country 32.6 32.5 32.7 34.4 36.5 37.3 38.7 40.0 41.6 43.5 n.a. Not available. NOTE.—Reserve city category includes all reserve city banks and, 1 Data for 1963 partly estimated. prior to 1962, New York and Chicago central reserve city banks. 2 After nonoperating losses and charge-offs, recoveries, and profits, but not including transfers to and from valuation reserves. the substantial growth in member bank cap- ever, was the growth in total earning assets ital accounts since 1954, mostly from re- as commercial bank loans and investments tained earnings (item 4 in table). The in- were expanded to accommodate growth of crease in capital accounts at reserve city the domestic economy. Asset shifts and inbanks was 67 per cent, or nearly as much as creases in service charges and trust departthe growth in net income, while the increase ment fees also made significant contribuat country banks, 82 per cent, substantially tions to bank revenues over this period. exceeded the rise in net income. The average rate of return on loans outstanding at reserve city banks rose between REVENUES 1954 and 1962 from 4.27 per cent to 5.56 An important factor contributing to the per cent, or less than one-third (item 6 in growth in member bank revenues over the table). At country banks, where the average past decade was the rise in interest return size of loan is relatively small and loan rates on both loans and investments associated tend to be higher and less responsive to with the general advance in market rates of changes in credit conditions than at city interest. Of even greater significance, how- banks, the increase was considerably less— Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENTS ON PROPOSED CHANGES IN THE FEDERAL RESERVE SYSTEM 313 from 5.36 per cent to 6.21 per cent, or a than investments. Over the 10-year period, little under one-sixth. Although these in- the ratio of loans to total loans and investcreases reflect mainly the advance in market ments rose from 48 to 65 per cent at rerates of interest over the period, they also serve city banks and from 42 to 56 per stem in part from shifts within the loan port- cent at country banks. This shift reflected in folio toward higher-yielding types, includ- part the working down of holdings of U.S. ing consumer loans. Government securities to more normal lev- Returns on loans have not shown any els after the unusually large acquisitions durappreciable advance during the current ing World War II. Finally, banks added business upswing such as occurred in the slightly to revenues over the period by intwo previous expansions of this 10-year pe- creasing earning assets at the expense of riod. In fact, at reserve city banks, earning their holdings of cash assets. rates were appreciably lower in 1961 and 1962 than they had been in 1960, when EXPENSES they reflected the relatively high interest- Almost half of the $5 billion increase in rate structure which had developed late in member bank operating expenses over the the previous business upswing. However, 1954-63 period was accounted for by intercountry bank rates, which also receded in est paid on time deposits. This item, which 1961, rose in 1962 to a level slightly above was relatively unimportant in 1954, had the 1960 average. increased nearly six-fold by 1963, from Net interest and dividend return on in- $494 million to $2,847 million. The rise vestments, while fluctuating considerably was somewhat larger at reserve city than from year to year mainly in reflection of at country banks, and reflected both an capital gains and losses on securities trans- upward movement in rates paid on these actions, also has moved upward over the deposits and rapid growth in total time and period (item 7 in table). The increase be- savings deposits. tween 1954 and 1962 was about one-third Rates paid on time and savings deposits at reserve city banks and two-fifths at coun- rose continuously over the period, with partry banks, with the rate at country banks ticularly large increases in 1957 and 1962 averaging slightly higher over the period after the Federal Reserve had raised the than at city banks. ceilings on rates that member banks were Total earning assets of both reserve city permitted to pay on these deposits (item 8 and country banks showed larger relative in table). City banks paid higher rates than increases between 1954 and 1963 than the country banks, and they also raised their average interest return on assets, and hence rates a little more than country banks bewere a more important factor in the growth tween 1954 and 1963. The increase in averin revenues. During this period, total loans age rates paid by both groups of banks, and investments rose 53 per cent at reserve however, was between 150 and 160 per city banks and 72 per cent at country banks. cent, considerably more than the rise in Additional gains in revenues were real- average rate of return on earning assets. ized as a result of the rise in the proportion Time and savings deposits rose much of these assets held in the form of loans, more rapidly during this period than dewhich yield a much higher interest return mand deposits. Consequently, the ratio of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

314 FEDERAL RESERVE BULLETIN • MARCH 1964 time to total deposits increased substan- course of monetary action, changes in intially (item 9 in table). Country banks have terest rates and credit conditions, has had normally had a higher percentage of time to even less professional quantitative analysis. total deposits than city banks, but this mar- Happily, there seems to be a growing intergin narrowed considerably after 1961, when est among professional economists in exlarge city banks began to compete for corpo- tending our knowledge along both of these rate funds by issuing negotiable time certifi- lines. cates of deposit. Thus, the ratio of time to The money supply school of thought has total deposits at reserve city banks increased been strongly influenced by the writing and much more than at country banks between teaching of Professor Friedman, whose 1954 and 1963. In 1963, time and savings views are familiar to you. A great deal of deposits accounted for 35 per cent of all the empirical investigation has been inspired deposits at reserve city banks and 44 per by his teaching, but I would counsel against cent at country banks. accepting the recommendations for action Increased wages and salaries accounted advanced by this school of thought. for most of the remainder of the $5 billion Specifically, I don't believe that the way rise in operating expenses at member banks in which changes in money supply generate between 1954 and 1963. Mainly, this re- changes in economic activity has been suffiflected the rise in wage and salary scales ciently thought through and empirically in industry generally. tested to warrant the adoption of a fixed monetary policy rule based on the past be- THE MONEY SUPPLY GUIDELINE havior of the money supply. In fact, it has I welcome the vigor with which an increas- not even been established, in times like ing number of academic economists, includ- these, whether changes in money supply ing two who have been serving on your precede changes in economic activity, or staff, are now analyzing the statistical be- vice versa, or whether money supply and havior of monetary magnitudes. The laud- economic activity move coincidentally. able aim of these investigations is to However helpful historical money supply establish linkages and stable relationships patterns are to our understanding of past between the past behavior of monetary ac- economic developments, converting this tion and productive activity in the economy. understanding into a rigid operating rule I, myself, have recently tried to suggest without the benefit of modifications that ways in which the effects of monetary ac- human judgment can provide to take action on spending can be traced. The meas- count of the changing environment would urement problems are formidable and I be a hazardous step. regret to say that, in my judgment, we For example, had we at the beginning of have not come nearly so close to achieving 1961 adopted the Friedman proposal for usable results as some of the academic peo- a constant 4 per cent rate of expansion in ple believe. Very little work has been done money supply, defined to include coin, curon cyclical changes in the structure of rency, and privately held time and demand money ownership or on the role of turn- deposits in commercial banks, we would over as it affects the demand for money. have added some $14 billion less to credit Another major avenue for tracing the supplies than actually was provided by the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENTS ON PROPOSED CHANGES IN THE FEDERAL RESERVE SYSTEM 315 monetary policies followed by the Federal that such a causal relationship exists. If Reserve in these years. In contrast, the Fed- it didn't, there would be no argument for eral Reserve could formulate monetary pol- the existence of any type of monetary auicy during the last 3 years by looking not thority. I do argue, however, that the naonly at the Friedman definition of the ture of the causal process is important, and money supply, but also at the more logically that it has not been delineated, and that I defined money supply, at interest rate and have seen nothing to demonstrate that the credit conditions, and at the unfolding balcausal relationship is constant in degree and ance of payments situation. timing over economic cycles or over long I would like to return for a moment to some testimony that you have heard that leading series is supposed to influence the lagging changes in the money supply systematically series and no satisfactory explanation of the economic rationale of using the particular arithmetic precede fluctuations in general economic acmanipulations. tivity. A causal connection is imputed to To be more explicit. In any series that has a roughly cyclical movement, the movement of the rate this association; namely, that changes in of change of that series (that is to say, the percentage change from one month or one quarter to the next) the money supply cause the level of activity will also be cyclical, but with different timing— to change. From this imputation a policy the movements of the rate of change will lead the series itself. The exact amount of the lead and prescription is derived which provides for whether it is a constant lead or varies in different continuous increases in the money supply parts of the cycle—i.e., as between the upswing and the downswing—will depend on the particular pattern at some optimal but invariant rate. I invite of movement of the original series, but the lead will average about one quarter the length of the cyclical your attention to the chart shown on page movement. This means that if we have two series that 316, which is presented to give you an op- have, say, the identical cyclical movement, we can always show that either one of them leads the portunity to test Professor Brunner's tech- other by plotting the rate of change of the one it is desired to show leading against the original series of nique for determining what causes what. the other. Not only can either of two coincident In particular, you might want to guess series be converted to lead, but by the same operation a slight lag can be converted to a lead. Therewhich one of these series is the best pre- fore, unless very specific economic and institutional rationale is to be given for the particular arithmetic dictor and, therefore, causal in Professor operations, they remain essentially primitive arith- Brunner's analysis of the others. metic exercises rather than economic analyses. Just as the arithmetic operations of taking rates There is nothing in this type of statistical of change can shift the cyclical timing and change the impression of leads and lags, the arithmetic opexercise that proves that money supply eration that Professor Brunner uses, of recording each changes are truly leading economic activ- month of a series in terms of its percentage change from the corresponding month of the previous year, ity and, of course, there is nothing in such can also change timing. The arithmetic relations in this case are somewhat more complicated than in the a bare statistical exercise that proves or case of the rate-of-change calculations—depending even argues persuasively that changes in on the length of the cycle, the existence of a trend, etc. But in series with rising trends, which is the case the money supply cause fluctuations in in the charts presented by Professor Brunner, the arithmetic operation itself can produce the appeareconomic activity.1 I don't mean to deny ance of leads. This, too, is a case where the ability to manipulate series arithmetically in such a way as to arrive at leads cannot by itself be used to establish 1 There is one other more or less technical quali- even a presumption of the nature of the economic fication that should be observed in the presentation relationship involved. of cyclical lead-and-lag analysis. It is possible to I might say parenthetically that Professor Brunner create, by simple arithmetic manipulations, leads and nowhere indicates in his statement the economic lags where none exist, except in terms of arithmetic rationale for working in terms of year-over-year relations having nothing to do with economic sub- changes, the movements and magnitudes of which stance. One must always be very wary, therefore, in depend not only on what is happening currently but drawing conclusions produced by these manipulations also on what happened a year ago. It is, therefore, where there is no satisfactory explanation given of the a quite awkward technique to use in evaluation of economic and institutional mechanics by which the current happenings. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

316 FEDERAL RESERVE BULLETIN • MARCH 1964 CHANGES IN FIVE ECONOMIC TIME SERIES mittee on Banking and Currency, March PERCENTAGE CHANGE FROM SAME MONTH A YEAR EARLIER 4, 1964. As you know, I am the newest member of the Board of Governors, having been appointed by President Kennedy shortly before his death and having been sworn in last November 29. I am, however, not new in terms of intimate acquaintance with the Federal Reserve; in fact, excepting a relatively short period in the Treasury Department, I will this spring be rounding out 25 years of continuous service in the System. Nor am I exactly a stranger to inquiries such as this into the workings of NOTE.—Series are as follows: the Federal Reserve System. I well remem- A Nonagricultural employment; B New orders for durable goods; ber one of my earliest substantive tasks C Private nonfarm residential construction; D Demand deposits adjusted and currency; and after joining the Research Department of E Industrial production. Shaded areas are recession periods as dated by the National the Federal Reserve Bank of Richmond in Bureau of Economic Research. early 1939 was to try to assist the President of that Bank in preparing his replies periods when basic structural relationships to questions addressed to him, and to in the economy have changed. other System officials, by Senator Wagner, It appears to me that the arguments for then chairman of the Senate Banking and abandoning discretionary money manage- Currency Committee. These questions ment in favor of a rigid formula are a surwere concerned with many of the same isrender of the intellect and abandonment of sues, such as that of the most appropriate the objectives of scientific inquiry. We are role of the Secretary of the Treasury in asked to cease grappling with the complexirelation to our central banking system, as ties of the modern economic world because are again raised by the proposed bills bethe all too human minds of investigators ing considered by this committee. I also seem inadequate to cope with the problems participated in the appraisals conducted of such a world. Without in any way deniwithin the Federal Reserve as part of the grating the importance of the credit and more recent congressional inquiries—in monetary-creation powers vested by the 1949 under the chairmanship of Senator Congress in our present monetary authori- Douglas, and in 1952 the even more exties, I must disassociate myself from those tensive review conducted under your chairwho feel these powers can be employed manship. without thought, judgment, discretion, and concern for the world as it is. It is my sincere hope that the careful review and findings in your 1952 committee Statement by J. Dewey Daane, Member report will not be passed over in a desire of the Board of Governors of the Federal to make change in the Federal Reserve Reserve System, before the Subcommittee System for the sake of change. Over the on Domestic Finance of the House Com- past 25 years I have at first hand watched Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENTS ON PROPOSED CHANGES IN THE FEDERAL RESERVE SYSTEM 317 the System adapt, as it should always be which is needed to assure the long-lasting ready to do, to the constantly changing value of the dollar against the short-lived financial environment in which it operates, pressures of budgetary developments. In but in the past decade certainly nothing my judgment these steps would inevitably has changed the basic principles of central reduce the strength and ability of the Sysbank action nor its need for some sort of tem to serve the public interest. insulation from partisan political pressures To the extent that I have been able to in order to serve most effectively the public follow these hearings, I gather that these interest—principles and needs which were steps are advocated partly from fears of so well recognized and underscored in what some that the Federal Reserve might one is known as the Patman committee report. day attempt to block Government programs From the background of this experience approved by the electorate, partly from a and in order to avoid repeating testimony suspicion that Federal Reserve Bank Presyou have received from other Federal Reidents are banker-dominated, and partly serve witnesses concerning the bills before from dissatisfaction with the process of you, let me comment generally about four monetary policy formulation. of them: H.R. 3783, to retire Federal Re- Taking a closer look at these three main serve Bank stock; H.R. 9631, to revamp threads in the current inquiry, namely, the the structure of the Federal Reserve Sysrelationship and role of the Federal Retem; H.R. 9685, to require the System to serve within the framework of Government, pay over to the Treasury its earnings on the allegation of banker domination, and Government obligations and seek approthe monetary policy process, it will come priations to meet its expenses; and H.R. as no surprise to you that I do not find 9749, to require the Federal Reserve to much to agree with in these bills. use open market operations to support prices on Government obligations so as to First of all, whatever the theoretical assure yields of not more than 4V4 per cent. possibilities may be of a basic conflict between the Federal Reserve and the admin- Taken together, these bills would, I beistration, the fact is that the relationship lieve, tend to decrease the contribution that monetary policy can make toward achieve- has been and is a harmonious one. In anment of a stronger economy. In part, the nouncing his decision to reappoint Mr. bills would run the risk of diverting mone- Martin as Chairman of the Board of Govtary policy from its primary goal of meet- ernors, President Kennedy described the ing the needs of the economy as a whole to relationship in these terms: one of simply facilitating the management "As Chairman of the Board of Governors, Mr. of the public debt. They would take from Martin has cooperated effectively in the economic the Presidents of the Federal Reserve policies of this Administration and I look for- Banks their most important function—par- ward to a constructive working relationship in ticipation in the formulation of monetary the years ahead. "As you know, the Federal Reserve System is a policy. And they would weaken the capacfully independent agency of the U.S. Governity of the System to maintain, year in and ment but it is essential that there exist a relayear out, the degree of independence from tionship of mutual confidence and cooperation bethe budget and appropriations process tween the Federal Reserve, the economic agen- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

318 FEDERAL RESERVE BULLETIN • MARCH 1964 cies of the administration, including especially the ences are healthy. The fact of the matter is Secretary of the Treasury, and the President. that, in the formulation of monetary pol- "Mr. Martin has my full confidence and I look icy, the Federal Reserve is as responsive forward to continuing to work with him and his to the needs of Government finance as it colleagues on the Board in the interests of a strong U.S. economy." either should be or can be, and the Treasury, in turn, is acutely conscious of the The Federal Reserve System, after all, problems which its debt management opis a public institution. Its policies evolve erations create for the monetary authoriwithin the framework of general Governties. I am quite certain from my experience ment policies. The primary goals of moneon both sides of the fence that it would be tary policy are identical to those of Govunreasonable to hope for any significant ernment economic policy; we, too, are govimprovement in the technical coordination erned by the Employment Act of 1946. of monetary policy and debt management Thus the principal objective of monetary through the consolidation of these functions policy is to make a maximum contribution under a single head. to the attainment of the national economic This then leaves as the only significant goals of an adequate rate of growth, susquestion whether the public interest would tained high levels of production and embe better served by placing the formulation ployment, and reasonable price stability. of monetary policy under the domination We, too, are seeking maximum employor the detailed direction of the Secretary ment, production, and purchasing power. of the Treasury. I am convinced that this In recent years I have been in the adwould be most unfortunate—not just for ministration as a part of the Treasury Dethe Federal Reserve and for the Treasury partment and its policies, and I have also in the first instance, but more importantly previously been on the other side of the for the Government and the people of the fence as a part of the Federal Reserve and country in the longer run. Both the Treasits policies. Both institutions clearly have ury and Federal Reserve naturally reflect been working towards the same dual obtwo different viewpoints related to their jectives, namely, the attainment of a satisown particular responsibilities which need factory rate of growth with maximum em- to be fully reflected in their respective ployment, and the elimination of a serious spheres. These responsibilities should not balance of payments problem. be centralized. In my view, it is greatly to From my experience both at the Treas- the advantage of the Treasury that it is ury and the Federal Reserve it may be able to make its debt management decisions helpful to you if I comment somewhat in the light of a monetary policy which is further on the effective working relation- determined independently by men of high ships which now exist between these two qualifications, rather than place itself in the agencies. There are, of course, shades of dilemma of having to generate both monedifference in view between the Federal Re- tary and debt management policies simulserve System and the Treasury from time taneously, which would require it somehow to time, but the same thing may be said to insulate its thinking on monetary policy within either the Federal Reserve or the in some way from its obvious and desirable Treasury, and in my judgment these differ- zeal to finance the debt as economically as Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENTS ON PROPOSED CHANGES IN THE FEDERAL RESERVE SYSTEM 319 possible. I have seen at first hand in other Richmond, Mr. Hugh Leach, with whom countries the dangers involved in down- I worked for 20 years, and who I believe grading or subordinating monetary policy. was typical of the Federal Reserve Presi- Again, from my own experience in serv- dents in terms of his objectivity and dediing two Secretaries of the Treasury, both of cation to the public interest, and complete whom were able and conscientious public freedom from any banker influence. His servants but already overburdened in terms devotion to public duty was recognized not of the tremendous responsibilities thrust only in the immediate financial commuupon them, I question whether as a prac- nity but throughout the State of Virginia tical matter it would be feasible for the and the Fifth District. I thus find that any Secretary of the Treasury to participate charge of banker domination is inconceivfully in the formulation of monetary policy. able—I also find it difficult to visualize the Some alternative involving delegation of System obtaining the services of men of authority would have to be developed, and this quality if they are prohibited from I do not believe this would be desirable. sharing the responsibility for the formula- The present arrangements for the coordi- tion of policy. nation of monetary policy with the other The third and final thread in the inquiry economic policies of Government are, in on which I would like to comment briefly fact, very effective. The changes that are is the apparent criticism of the System, proposed in these bills seem to me to offer on the one hand, for not adopting the single little hope for improvement and to run the criterion of the stock of money as its sole risk of serious mischief. objective and measure, and, on the other A second main thread in the current in- hand, for being guided in the formulation quiry both puzzles and, I must confess, sad- of policy too much by short-run money dens me. It is the implication regarding market factors, rather than more basic the public service motivation of System longer-term economic and financial develofficials, and specifically of the Presidents opments. Neither criticism is justified. As and Directors of the Reserve Banks. To me to those who would put money stock rigidly the Federal Reserve, no less than the Treas- above all else, I think one of your precedury, stands for all that is best in purposeful ing academic witnesses, Professor Samuelpublic service. In fact, I believe that much son, gave eloquent answer. Making the of the underlying strength of the System stock of money paramount and the sole derives from the sense of constructive pur- objective and measure of monetary policy pose, and the spirit of public service, which would be indeed a retrogression. It would permeate all parts of the System. In my ignore the fact that there is no optimum judgment anything that is destructive of money supply nor sacrosanct rate of money that purpose and spirit, by innuendo or supply growth—that money supply, in fact, outright action, would be inimical to the may be permissive rather than causative. public interest. The other charge, that of money market I speak with feeling on this point be- myopia, displays a lack of understanding cause in my lifetime I have never known of the policy formulation process and of a more selfless public servant than the the System's operations in the market. The President of the Federal Reserve Bank of policy formulation process does not simply Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

320 FEDERAL RESERVE BULLETIN • MARCH 1964 focus on the day-to-day money market de- these other factors, thereby keeping the velopments, and there has certainly been road clear for those dynamic operations no overemphasis on such short-term fac- which are designed to achieve changes in tors in the setting of monetary policy. Let the level of reserves in the light of longerme illustrate my point by describing the run economic and financial objectives. economic intelligence we currently receive Two concluding observations relating to before and at a typical Open Market Com- the main threads of this inquiry may be mittee meeting. It includes a 30- to 40- relevant. page written document and a total of about First, as to the underlying question of two hours of oral briefing, both of which the System's sense of responsibility within concern such subjects as production and the Government, there is obviously a clear employment, incomes, trade, wages, costs, need for the Federal Reserve to be closely prices, construction, agriculture, credit, attuned to the economic thinking of Govcapital, money, savings, taxes, and the bal- ernment, and this is being accomplished by ance of payments. This list of briefing sub- various arrangements at the technical and jects certainly does not suggest an over- policy levels. Each President of the United emphasis on short-term money market fac- States can be expected to develop infortors in the discussions underlying the proc- mally his own particular method of comess of arriving at a decision regarding an munication within the Government, but appropriate monetary policy at any specific whatever the variation in method the Systime. tem's awareness and sensitivity in its rela- Nor is one single guide to operations tions with the executive branch are assured. adopted in the policy process as has been Correspondingly, continuing inquiries of alleged—the weaknesses of the various op- the sort being undertaken by this Commiterational guides, such as free reserves, tee assure that the System is at all times member bank borrowings, and various closely attuned to, and responsible to, the short-term interest rates are well recog- Congress as well. nized throughout the System. Those who Finally, coordinated monetary and debt criticize use of any of these operational management policies in the recent past guides fail to understand the distinction be- have succeeded in assisting our balance of tween the System's defensive and dynamic payments while accommodating record levoperations in the market. Because the pur- els of borrowings at home—with an interpose of defensive operations is to offset est rate pattern not that suggested by the effect on the level of reserves of various bankers but one unique for a sustained market factors, they do not ipso facto con- expansion period. The impressive results stitute changes in the reserve level or in seem to me to provide significant commenmonetary policy. On the contrary, they tary on all three issues posed in this cursimply neutralize the effects on reserves of rent inquiry. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Orders Under Bank Merger Act IT IS HEREBY ORDERED, for the reasons set forth in the Board's Statement of this date, that said The Board of Governors of the Federal Reserve applications be and hereby are approved, provided System issued the following Orders and Statements that said acquisition of assets and assumption of with respect to applications for approval of the deposit liabilities and establishment of branches merger or the acquisition of assets of certain shall not be consummated (a) within seven calbanks: endar days after the date of this Order or (b) later than three months after said date. CHEMICAL BANK NEW YORK TRUST Dated at Washington, D. C, this 17th day of COMPANY, NEW YORK, NEW YORK February, 1964. In the matter of the application of Chemical By order of the Board of Governors. Bank New York Trust Company for approval of Voting for this action: Chairman Martin, and Govacquisition of assets of The Bensonhurst National ernors Balderston, Mills, Shepardson, and Mitchell. Bank of Brooklyn in New York. Voting against this action: Governors Robertson and Daane. (Signed) MERRITT SHERMAN, ORDER APPROVING ACQUISITION OF BANK'S Secretary. ASSETS [SEAL] There has come before the Board of Governors, pursuant to the Bank Merger Act of 1960 (12 STATEMENT U.S.C. 1828(c)), an application by Chemical Bank New York Trust Company, New York, Chemical Bank New York Trust Company, New York, a State member bank of the Federal New York, New York ("Chemical"), with de- Reserve System, for the Board's prior approval posits of over $4,558 million,* has applied, purof its acquisition of assets and assumption of de- suant to the Bank Merger Act of 1960 (12 U.S.C. posit liabilities of The Bensonhurst National Bank 1828(c)), for the Board's prior approval of its of Brooklyn in New York, Brooklyn, New York, acquisition of assets and assumption of deposit and, as an incident thereto, Chemical Bank New liabilities of The Bensonhurst National Bank of York Trust Company has applied, under Section 9 Brooklyn in New York, Brooklyn, New York of the Federal Reserve Act, for the Board's prior ("Bensonhurst Bank"), with deposits of about $35 approval of the establishment by that bank of million.* Incident to the application, Chemical has branches at the locations of the main office and also applied, under Section 9 of the Federal Rebranch of The Bensonhurst National Bank of serve Act (12 U.S.C. 321), for the Board's prior Brooklyn in New York. Notice of the proposed approval of the establishment of branches at the acquisition of assets and assumption of deposit two locations of the offices of Bensonhurst Bank, liabilities, in form approved by the Board of Gov- increasing the number of Chemical's presently opernors, has been published pursuant to said Bank erating domestic offices from 117 to 119,** and of Merger Act. Upon consideration of all relevant material in * Unless otherwise stated, deposit figures are as of the light of the factors set forth in said Act, includ- December 20, 1963. ing reports furnished by the Comptroller of the ** The number of these offices would be increased to 123 when account is taken of the 4 offices which Currency, the Federal Deposit Insurance Corpowill be acquired pursuant to the Board's Order of ration, and the Department of Justice on the comtoday's date approving the application by Chemical petitive factors involved in the proposed transac- to merge The First National Bank of Mount Vernon, tion, Mount Vernon, New York. 321 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

322 FEDERAL RESERVE BULLETIN • MARCH 1964 its offices in the borough of Brooklyn from nine satisfactory. Thus, upon the president's withdrawal to eleven. from active participation in the bank's affairs, Under the law, the Board is required to con- certain problems of supervision can be anticipated, sider, as to each of the banks involved, (1) its and it appears probable that the bank would lose financial history and condition, (2) the adequacy at least part of the deposits he has attracted to it, of its capital structure, (3) its future earnings particularly those of customers who no longer prospects, (4) the general character of its manage- reside or conduct their business in the Bensonment, (5) whether its coroprate powers are con- hurst and Flatbush areas served by the bank's two sistent with the purposes of 12 U.S.C., Ch. 16 (the offices. In the circumstances, it seems probable Federal Deposit Insurance Act), (6) the conveni- that a smoother transition can be effected through ence and needs of the community to be served, the presence of competent successor management and (7) the effect of the transaction on competi- supplied by Chemical. tion (including any tendency toward monopoly). There is no indication that the corporate powers The Board may not grant the application unless, of the banks are, or would be, inconsistent with after considering all these factors, it finds the 12U.S.C.,Ch. 16. transaction to be in the public interest. Convenience and needs of the communities. The Banking factors. Both Chemical and Benson- effect of the proposed acquisition on banking conhurst Bank have satisfactory financial histories. venience and needs would be limited almost en- Chemical is the fifth largest bank in the United tirely to the borough of Brooklyn which is one of States and the fourh largest in New York City. five boroughs comprising the City of New York. The financial condition of Chemical is sound, its Brooklyn is situated at the southwest end of earnings prospects are favorable, its capital struc- Long Island, covers an area of 76 square miles, ture is adequate, and its management is competent. has 33 miles of waterfront, and is connected with Consummation of the proposed acquisition would Manhattan by bridges and a vehicular tunnel. In not cause any unfavorable change in respect to 1957, Kings County (the boundaries of which are any of these factors. coterminous with the borough of Brooklyn) Bensonhurst Bank is next to the smallest of the ranked seventh among the leading industrial counfour commercial banks operating entirely in ties of the United States. Its industries are di- Brooklyn, which range in deposit size from $22.6 versified and stable. The most populous of New million to $113 million.*** The financial condi- York City's boroughs, Brooklyn has 34 per cent tion of Bensonhurst Bank is sound, it has a strong of the city's population, and is served (or will capital structure, and its earnings have been con- shortly be served) by about 121 offices of fifteen sistently above average for banks of comparable commercial banks, 64 offices of savings banks, size in the Second Federal Reserve District. How- and numerous offices of other financial institutions. ever, the bank has been operated virtually as a The economic prospects of Brooklyn are favor- "one-man-bank" under the dominance of its presi- able. dent, who is past normal retirement age, and prob- Brooklyn is comprised of many sections, which lems inherent in this type of management have typically are separate and distinct trading areas. emerged. In particular, the bank has concentrated Bensonhurst Bank has its main office in the Benunder his guidance in a specialized field of com- sonhurst section of Brooklyn, and operates its mercial lending which requires close and especially only branch in the Flatbush section, and the two skilled supervision. In addition, a substantial frac- offices are 4.65 miles apart. tion of the bank's deposits are directly attributable The Bensonhurst section is densely populated to his relationships with certain customers of the with more than 175,000 inhabitants, of which bank. three-quarters live in one or two-family homes. The prospects of developing from the bank's There are numerous small and medium-size retail present staff successor management of comparable stores and service enterprises in the area, and a ability are not favorable, and efforts to recruit and number of small manufacturing concerns. Within retain successor executive personnel have been un- a radius of four blocks of Bensonhurst Bank's main office there are two other commercial bank- **.* Deposit figures as of June 29, 1963. ing offices (branches of Chase Manhattan Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 323 and Bankers Trust Company), two savings banks, with one another and with the commercial banks. and one savings and loan association. It is not believed that the substitution of branches The population of Flatbush is over 240,000, of Chemical for the offices of the Bensonhurst and it contains what has became a major Brooklyn Bank will alter the competitive picture in the shopping center, which also is patronized by resi- borough, or even in the two local areas involved, dents of other boroughs, particularly Queens. to any significant extent. Bensonhurst Bank's branch is on Flatbush Avenue, As for direct competition between Bensonhurst which is lined with retail shops and other business Bank and Chemical, while the former draws acestablishments. Within a four block radius of the counts from the major portion of the borough office there are three other commercial banking which lies outside the direct trading areas of its offices (two of Manufacturers Hanover Trust two offices, and to that extent is in competition Company and one of First National City Bank), with Chemical as well as with every other bank three savings banks, and one savings and loan represented in Brooklyn, there is little or no officeassociation. to-office competition between the two banks. The Practically all sections of Brooklyn are served nearest offices of the two banks, as previously by numerous financial institutions, including nine noted, are nine tenths of a mile apart. In many offices of Chemical. The nearest Chemical office is contexts, one mile of separation would not sig- .9 miles from the head office of Bensonhurst Bank. nificantly diminish direct competition. In an area Whether the community to be served should be as densely settled as Brooklyn, however, where regarded as Flatbush and Bensonhurst or as the practicable travel is largely on foot or by subway, whole of Brooklyn, it does not appear that the a potential customer is not likely to go that disacquiring bank would supply any significant serv- tance to find an alternative banking office, if he ice which is not already provided by existing bank- has other, nearby sources of banking services ing and credit facilities. available. In the case of each of the two offices of However, it is expected that consummation of Bensonhurst Bank there are several other banking the proposal would make available at the offices offices nearby. now operated by Bensonhurst Bank not only trust With about 11.5 per cent of area deposits and services and a greatly increased lending limit but, 117 of the area's banking offices, Chemical is the according to the application, a greater variety of fourth largest bank in New York City. Some 86 instalment loan services, a broader range of real of these offices and $1.5 billion in deposits have estate and home improvement loans, and the been acquired through three mergers during the benefits of Chemical's international department. past ten years. Approval of the present applica- To the extent that customers of Bensonhurst tion, and of the concurrent application for a Bank would be exposed to the disadvantages of merger with The First National Bank of Mount uncertainty or hesitant policies during a period Vernon in an Order of the Board of today's date, of transition following the retirement of the bank's will not change Chemical's rank as to deposits, president, the community which embraces these but will place it in third position as to area offices, customers would benefit by the kind of transition not far behind Chase Manhattan Bank with 127, which the proposal in question would make pos- and Manufacturers Hanover Trust Company with sible. 140. Competition. As was stated above, Chemical, However, it does not appear that consummation while fourth in rank by number of offices among of the present proposals would significantly inthe banks represented in Brooklyn, (Manufac- crease the degree of concentration of banking returers Hanover Trust Company, for example, has sources in the hands of the more important New 45 Brooklyn offices), has nine offices in the York City banks either in Brooklyn or in the borough. The proposed acquisition will not alter Mount Vernon-Pelham area. In Brooklyn, Chemthat rank. ical now appears to be between fifth and sixth Competition among commercial banks in the place in deposit size, and is tied for fourth place area is vigorous, and the more specialized finan- by number of offices, far behind both Manufacturcial institutions, like mutual savings banks and ers Hanover Trust Company and First National savings and loan associations, compete intensively City Bank in each respect. After the proposal is Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

324 FEDERAL RESERVE BULLETIN • MARCH 1964 consummated, Chemical will still have less than Since then, we have come a long way down that a tenth of deposits of commercial banks or bank- road. Now the same giant institution again stands ing offices in Brooklyn, and no change should before us, asking this time that we approve its result in the vigorous competitive climate there. acquisition, at an irresistible price, of not one but As for Westchester, while Chemical, like every two prime small banks. It should be noted that, other New York City bank, competes for business whatever may be urged as to the management which crosses the county line, hitherto it has succession problem in either bank, a problem on scarcely entered the profitable on-the-spot market. which I will dwell further, both enjoy an ex- Admitting it into Mount Vernon will end home emplary supervisory rating. office protection in that city, and give the op- Nor is the disappearance of a $35 million or a portunity for a genuine range of banking choices $50 million bank a matter of small concern, to be to enter the local market. brushed away as unimportant—even in the New It does not appear that the acquisition would York metropolitan area. It is vital for the future have adverse effects on the other three commercial of our economic system, which ranks equality of banks headquartered in Brooklyn, all of which opportunity high on its scale of values, that the have been growing more rapidly than Bensonhurst country be served by relatively small as well as Bank, despite the vigorous competitive climate in relatively large banks. The number of smaller which they have been functioning. banks in the New York metropolitan area is stead- Summary and conclusion. Effectuation of the ily declining. In many parts of that area there are proposed transaction would facilitate passage no offices of smaller banks at all, and whether they through a period of probable uncertainty in pros- like it or not, people are obliged to do business pect for Bensonhurst Bank, and would broaden with a big one. For the local businessman, whose the range of banking services that have been business future may depend on the intelligent supavailable to the customers of that bank. The effect port of his banker, the substitution of a branch on existing competition in the communities con- manager (especially one who is obliged to opcerned will be minimal, and in the Board's judg- erate under an impersonal book of rules promulment no significant increase in concentration of gated in the financial district of New York City) control of banking resources in those communi- for the local banker who knew his customers' ties would result. credit needs and credit-worthiness, and who op- Accordingly, although the application presents erated on the basis of his own independent judga close question, the Board finds that the pro- ment, could result in disaster. posed acquisition of assets and assumption of It may be argued that the Board should approve deposit liabilities would be in the public interest. a merger application in order to permit stockholders of smaller banks to liquidate their investment when they want to (which is, in substance, DISSENTING STATEMENT OF GOVERNOR what the Board is doing here), unless the Board ROBERTSON finds the transaction to be contrary to the public Less than a year ago, the Board approved interest. Such a contention would rest on a false Chemical's absorption of a bank in Rockville premise. The Board is not deciding whether stock- Centre, Long Island. In my Dissenting Statement, holders shall be permitted to liquidate their in- I pointed out that if the Board continued to permit vestment in the business of banking; it is deciding such aquisitions, involving premiums such as the whether they shall be permitted to accept a specific one in that case, which had no more to justify offer for their stock and merge their bank with them than that one "then the continuing trend another named bank. In almost all cases, if stocktoward concentration of banking power in large holders genuinely desire to terminate their investbanks, able to pay a price that cannot be resisted, ment, a feasible route is usually available—bank will result in the early demise of all independent stock can be sold to others than a large expansionbanks in Nassau County—indeed, all independent minded bank that seeks to absorb smaller ones. To banks throughout the country that are so located approach an application as if the choice were beas to attract the covetous eye of expansion-minded tween approving this particular offer and locking institutions." 1963 Federal Reserve BULLETIN 787. the stockholder into his investment forever is to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 325 give an intolerable advantage to big banks like How do the factors which Congress directed us Chemical, which can always outbid smaller pro- to consider balance out in the two cases before the spective purchasers. Board? The majority leans heavily on the manage- The premiums being paid for the stock of the ment succession problem in each case; it is said banks Chemical seeks to absorb in the present that management is aging, and that replacements cases are large, indeed. On the basis of the De- have not been found. Assuming this is true, I cancember 31, 1963 market value of the Chemical not view the situation with the same gravity as stock being exchanged for that of the Bensonhurst does the majority. To me, it is inconceivable that Bank, the premium equals 9.4 per cent of Ben- a diligent search would not provide successor mansonhurst's total deposits, and exceeds its total agement for two A-l institutions with deposits of net earnings for the past five years. (In the case $35 and $50 million. To say otherwise is to give of the Mount Vernon bank, on a comparable an invincible argument to every bank of combasis, the premium equals the same percentage parable size in the country whose shareholders of its total deposits, and exceeds its combined net want to exchange their shares at an advantageous earnings for the past six years.) What shareholder ratio for the more readily marketable stock of a can resist such a price for his stock? larger bank. It need only wait, making no more It must not be overlooked that we are passing than token efforts to recruit successors, until top here on applications to merge banks, not linreg- management approaches retirement age, then disulated nonbank businesses, and that Congress has creetly place itself on the block. Since no succesdeliberately and specifically directed the Board sor management is in view, the supervisor will find not to approve an application unless a positive itself compelled by the precedents of these and finding is made that the transaction would be in other decisions to approve the result of the auction. the public interest. In my Dissenting Statement It cannot seriously be urged that the needs or in the Matter of the Application of Liberty Bank the convenience of the communities involved in and Trust Company, 1963 Federal Reserve BUL- the two cases before the Board will be better LETIN 14, I pointed out that: served when Chemical has branches at the offices of the banks to be acquired. I am not impressed "The Bank Merger Act was intended by Congress to curb bank mergers inimical to a competitive bank- by the fact that some additional services will be ing system. The steady reduction, through mergers, in offered. All of these, and indeed all the services the number of unit banks, and the consequent elimwhich a big bank is peculiarly fitted to offer are ination of competition were compelling considerations that prompted enactment of the law, and the now readily available in the communities, as the inadequacies of then existing law with respect to the majority points out. It can be argued with a good competitive factor in bank absorptions was emphasized repeatedly during Congress' consideration of the Act. deal more force that the acquisitions will in fact (Senate Report No. 196, April 17, 1959, pp. 8, 14; lessen community convenience, since the advan- House Report No. 1416, March 23, 1960, pp. 3-5) tages offered by a smaller bank—advantages which In the words of Senator Robertson, Chairman of the Senate Committee on Banking and Currency, the Act the substantial and increasing number of customers 'seeks to make mergers of banks more difficult.' (105 in each case evidently value—will disappear. Cong. Record, Part 6, p. 8131) * * * So much for the factors alleged to favor approval. What of the factors against it? As the "The statute and its legislative history reveal that Congress intended to make approval of a bank merger majority admits, there is existing competition bedependent on a positive showing that the public in- tween the banks involved which will be eliminated. terest would be benefited and rejected the philosophy that doubts should be resolved in favor of such This in itself should be enough to condemn the mergers. The burden was placed on the proponents proposals, under the statutory mandate, in the of a merger to show that it would promote the public absence of counterbalancing favorable factors. interest. (House Report No. 1416, March 23, 1960, pp. 11-12; Senate Report No. 196, April 17, 1959, What of the acquiring bank? In 1953, Chemical pp. 19-21; 106 Cong. Record, Part 6, p. 7258, Part 8, had 22 offices and $1,675 million in deposits. p. 9712)" When it filed the applications now before the If this is a correct view of the purpose of the Board, it had 116 offices and $4,407 million in law as revealed by its legislative history (I think deposits. At most, only five of the 94 new offices it is, and no one has undertaken to dispute it), and $1,231 million of the $2,732 million increase these cases have been decided erroneously. in deposits were the result of normal growth. The Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

326 FEDERAL RESERVE BULLETIN • MARCH 1964 rest were acquired by mergers. Indeed, even these merger with The First National Bank of Mount figures overstate the normal growth of Chemical, Vernon. since some of the increases would have fallen to the share of acquired banks—except for the mer- ORDER APPROVING MERGER OF BANKS ger race in the New York area. Chemical itself, There has come before the Board of Governors, in 1954, contributed substantially to getting that pursuant to the Bank Merger Act of 1960 (12 race under way when it absorbed the Corn Ex- U.S.C. 1828(c)), an application by Chemical change Bank and Trust Company. As a matter of Bank New York Trust Company, New York, New fact, Chemical is one of the banks which Con- York, a State member bank of the Federal Reserve gress had specifically in mind when it passed the System, for the Board's prior approval of the mer- Bank Merger Act. (See Senate Report No. 196, ger of that bank and The First National Bank of April 17, 1959, p. 12) Clearly Congress intended Mount Vernon, Mount Vernon, New York, under that the Board should exercise particular care in the charter and title of the former. As an incident reviewing applications by the fifth largest bank in to the merger, the main office and three branches the United States to expand further still by the of The First National Bank of Mount Vernon merger route. would become branches of Chemical Bank New In these cases, approval will eliminate two York Trust Company. Notice of the proposed sound, profitable, medium-sized institutions with merger, in form approved by the Board, has been no offsetting benefits to the public, and will con- published pursuant to said Act. tinue the trend toward fewer and fewer, larger Upon consideration of all relevant material in and larger banks which Congress intended to con- the light of the factors set forth in said Act, includtrol. Consequently, I believe these applications ing reports furnished by the Comptroller of the should be disapproved. Currency, the Federal Deposit Insurance Corporation, and the Department of Justice on the competitive factors involved in the proposed merger, DISSENTING STATEMENT OF GOVERNOR DAANE IT IS HEREBY ORDERED, for the reasons set forth in the Board's Statement of this date, that said I disagree with the view of the majority that this application be and hereby is approved, provided application should be approved. I do not think that said merger shall not be consummated (a) that consummation of the proposal will afford within seven calendar days after the date of this positive advantages to the public sufficient to off- Order or (b) later than three months after said set the unavoidable diminution of competition date. which will result, particularly in view of the size Dated at Washington, D. C, this 17th day of of the acquiring bank and the increasing concen- February, 1964. tration in the New York City market. If it proved By order of the Board of Governors. true that no other solution to the management suc- Voting for this action: Chairman Martin, and Govcession problem in the bank could be developed, ernors Balderston, Mills, Shepardson, Mitchell, and Daane. Voting against this action: Governor Robertthe possibility of a more acceptable merger at a son. later date would not be foreclosed. For the pres- (Signed) MERRITT SHERMAN, ent, I do not conclude from the record before the Secretary. Board that the problem is sufficiently acute to re- [SEAL] quire, or to justify, this further concentration and STATEMENT I do not believe approval would be in the public Chemical Bank New York Trust Company, interest. New York, New York ("Chemical"), with de- Accordingly, I would disapprove the application. posits of $4,558* million, has applied, pursuant to the Bank Merger Act of 1960 (12 U.S.C. CHEMICAL BANK OF NEW YORK TRUST 1828(c)), for the Board's prior approval of its COMPANY, NEW YORK, NEW YORK merger with The First National Bank of Mount In the matter of the application of Chemical * Unless otherwise stated, deposit figures are as of Bank New York Trust Company for approval of December 20, 1963. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 327 Vernon, Mount Vernon, New York ("First Na- nity environment. Each of the two principal figures tional") with deposits of $48.8* million, under the in management is now over seventy years of age. charter and title of Chemical. As an incident to No preparation has been made for management the merger, four offices of First National would succession, and there are no probable replacements become branches of Chemical, increasing the num- in the present organization. With the controlling ber of its domestic offices now in operation from stock interest involved in the administration of an 117to 121**. estate since the death within the past year of the Under the law, the Board is required to consider former president, it is unlikely that efforts to reas to each of the banks involved, (1) its financial cruit successor management would be successful. history and condition, (2) the adequacy of its Accordingly, the management succession problem, capital structure, (3) its future earnings prospects, while not acute at present, could become so at any (4) the general character of its management, (5) time. In the context of the failure of present manwhether its corporate powers are consistent with agement to compete aggressively with The County the purposes of 12 U.S.C., Ch. 16 (the Federal Trust Company ("County Trust"), the largest Deposit Insurance Act), (6) the convenience and Westchester County bank, and despite the protecneeds of the community to be served, and (7) the tion enjoyed because of the "home office" feature effect of the transaction on competition (including of New York State law (which prevents establishment of de novo branches in Mount Vernon of any tendency toward monopoly). The Board may banks headquartered elsewhere), unresolved mannot approve the transaction unless, after consideragement succession might well lead to declining ing all these factors, it finds the transaction to be profitability of the bank. in the public interest. Banking factors. The financial history of both There is no indication that the corporate powers Chemical and First National is satisfactory. Chem- of the banks are, or would be, inconsistent with ical is the fifth largest bank in the United States 12U.S.C.Ch. 16. and the fourth largest in New York City. Its finan- Convenience and needs of the communities. cial condition is sound, its earnings prospects are The effect of the proposed acquisition would be favorable, its capital structure is adequate, and its felt in that portion of the southern tip of Westmanagement is competent. It is not expected that chester County, comprising the city of Mount these favorable attributes would be adversely af- Vernon and the villages of Pelham, North Pelham, fected by consummation of the proposed merger. and Pelham Manor, which are served by First National. First National, chartered in 1889, has been operated since the turn of the century by the Mount Vernon covers a land area of 4.1 square family which still holds a stock interest represent- miles, and the three villages which lie adjacent to ing effective control of the bank. Its financial con- it on the eastern side of the Hutchinson River, dition is sound and its capital structure adequate. cover an area of some 2.5 square miles. The two However, while management is competent, and areas combined are bounded on the south by Bronx earnings prospects generally favorable, certain as- County, on the west by the city of Yonkers, on pects of the bank's present posture led to the pres- the north by the town of Eastchester, and on the ent proposal. With a concept of banking formed east by the city of New Rochelle. in a more spacious era, content to follow practices While Westchester County increased in populawhich were appropriate then, but are less than tion by 29.5 per cent during the decade from 1950 adequate now, executive management of the bank to 1960, the service area of First National, a wellhas aged without adapting to a changing commu- established, older community, grew by only 6.3 per cent during the same period. The character * Unless otherwise stated, deposit figures are as of the population of the area, however, has been of December 20, 1963. changing. Although the Pelhams, by and large, ** The number of these offices would be increased to 123 when account is taken of the 2 offices which still retain their character of middle and upper inwill be acquired pursuant to the Board's Order of come residential suburbs, Mount Vernon and to today's date approving the application by Chemical to some extent Pelham Manor have increasingly acquire assets and assume liabilities of The Bensonattracted manufacturing and wholesale establishhurst National Bank of Brooklyn in New York, Brooklyn, New York. ments. Shipping is a vital county industry, with Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

328 FEDERAL RESERVE BULLETIN • MARCH 1964 Mount Vernon's Eastchester Creek Harbor the counts, and that its interest in consumer instalthird largest oil port in the country. ment lending has been limited. The population density in Mount Vernon, in It can be expected that the banking convenience 1962, was over 18,500 to the square mile, as of customers in First National's service area would against 10,400 for the neighboring city of Yon- be better served if the proposal were to be consumkers and 1,900 for the County as a whole. More- mated. A wider choice of alternative sources of over, as a part of the developmental picture, the banking services would follow removal of "home percentage of lower-income, blue-collar residents office" protection for Mount Vernon. in Mount Vernon has been rising, while the per- Competition. The nearest office of Chemical centage of owner occupied dwelling units is lower bank to any office of First National is in the than that in Yonkers and considerably lower than Bronx, 2.7 miles south of the smaller bank's Pelthat in New Rochelle or in the county as a whole. ham Manor branch. Chemical has one branch in Mount Vernon is served by the main office and Westchester County, in the town of Eastchester, one of the branches of First National, and by four 4.4 miles north. It is evident from the record that branches of The County Trust Company which there is some direct competition between the two were acquired by merger with two local banks, one banks. in 1946 and one in 1952. The Pelhams, which are As indicated above, the competition offered by not covered by home office protection, are served First National to other banks, generally, has been only by two branches of First National, although limited. Despite the protection of the "home approval has been given for the establishment of a office" rule, it has failed to place branches in debranch in Pelham by The Chase Manhattan Bank. sirable locations which it might well have served, and has left County Trust to win the race by de- Outside the service area of First National, but fault. Management has not kept pace with the reasonably close to it, are three additional branches changing character of the community. Handiof County Trust, four offices of other banks headcapped by the competitive disadvantage at which quartered in Westchester, and three branches of it now finds itself, by the age and unprogressive New York City banks. bent of top management, and by uncertainties as In view of the presence of County Trust, as well to future ownership of much of its stock, the bank as other types of competing financial institutions has little chance of recouping its competitive in the service area, and of offices of other banks position. The proposed merger seems to offer the just outside the area, the banking needs of the most favorable prospect for reviving competition community are not going unserved at the present in the area. time. However, the range of services offered by With about 11.5 per cent of area deposits and First National has been limited in a number of 117 of the area's banking offices, Chemical is the important respects. The legal loan limit of the fourth largest bank in New York City. Some 86 bank is $300,000, and from the record it appears of these offices and $1.5 billion in deposits have that some customers of the bank have credit rebeen acquired through three mergers during the quirements in excess of that limit. Requests in past ten years. Approval of the present applicasubstantial number for letters of credit, foreign tion, and of the concurrent application to acquire collections, and the like have been referred by the assets and assume liabilities of The Bensonhurst bank to Chemical, its New York correspondent. National Bank of Brooklyn in New York in an Nor does First National provide corporate trust Order of the Board of today's date, will not change services. As the commercial community in Mount Chemical's rank as to deposits, but will place it Vernon grows, it can be expected that the need in third position as to area offices, not far behind for larger lines of credit, foreign services, corporate Chase Manhattan Bank with 127, and Manufactrust services, and other facilities which the returers Hanover Trust Company with 140. sulting bank can be expected to provide, will in- However, it does not appear that consummation crease correspondingly. of the present proposals would significantly in- It appears further that First National makes crease the degree of banking concentration in either few, if any, mortgage loans on residential prop- Brooklyn or in the Mount Vernon-Pelham area. erties, that it has discouraged special checking ac- In Brooklyn, Chemical now appears to be in fifth Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 329 or sixth place in deposit size, and is tied for fourth U.S.C. 1828(c)), an application by Bordentown place by number of offices, far behind both Manu- Banking Company, Bordentown, New Jersey, a facturers Hanover Trust Company and First Na- State member bank of the Federal Reserve System, tional City Bank in each respect. After the pro- for the Board's prior approval of the merger of posal is consummated, Chemical will still have that bank and The First National Bank and Trust less than a tenth of deposits of commercial banks Company of Roebling, Roebling, New Jersey, unor banking offices in Brooklyn, and no change der the charter and title of the former. As an inshould result in the vigorous competitive climate cident to the merger, the sole office of The First discussed in the Board's Statement accompanying National Bank and Trust Company of Roebling its Order mentioned above. As for Westchester, would become a branch of Bordentown Banking while Chemical, like every other New York City Company. Notice of the proposed merger, in form Bank, competes for business which crosses the approved by the Board, has been published purcounty line, hitherto it has scarcely entered the suant to said Act. profitable on-the-spot market. Admitting it into Upon consideration of all relevant material in Mount Vernon will end home office protection in the light of the factors set forth in said Act, inthat city, and give the opportunity for a genuine cluding reports furnished by the Comptroller of range of banking choices to enter the local market. the Currency, the Federal Deposit Insurance Summary and conclusion. Consummation of the Corporation, and the Department of Justice on proposal before the Board will avert the very real the competitive factors involved in the proposed possibility of a serious management succession merger, problem at First National, and provide a second IT IS HEREBY ORDERED, for the reasons set forth source for a full range of banking services to a in the Board's Statement of this date, that said community whose members have had to go out- application be and hereby is approved, provided side its boundaries for a genuine alternative to the that said merger shall not be consummated (a) principal bank now established there. In addition, within seven calendar days after the date of this the merger will remove home office protection Order or (b) later than three months after said from the city of Mount Vernon, permitting the date. almost certain entry of additional banks to create Dated at Washington, D. C, this 25th day of a healthily competitive climate. February, 1964. Accordingly, the Board finds that the proposed By order of the Board of Governors. merger would be in the public interest. Voting for this action: Unanimous, with all members present. DISSENTING STATEMENT OF GOVERNOR (Signed) MERRITT SHERMAN, ROBERTSON Secretary. For the reasons expresed in my Dissenting [SEAL] Statement to the Board's decision of today's date STATEMENT on an application by Chemical to acquire the assets of The Bensonhurst National Bank of Bordentown Banking Company, Bordentown, Brooklyn in New York, I would disapprove the New Jersey ("Bordentown Bank"), with total deapplication. posits of about $11 million, has applied, pursuant to the Bank Merger Act of 1960 (12 U.S.C. 1828 BORDENTOWN BANKING COMPANY, (c)), for the Board's prior approval of the merger BORDENTOWN, NEW JERSEY of that bank and The First National Bank and Trust Company of Roebling, Roebling, New Jer- In the matter of the application of Bordentown sey ("Roebling Bank"), with total deposits of Banking Company for approval of merger with about $6 million.1 As an incident to the merger The Frst National Bank and Trust Company of the present office of Roebling Bank would be Roebling operated as a branch of Bordentown Bank, increasing the number of offices of Bordentown ORDER APPROVING MERGER OF BANKS Bank to three. There has come before the Board of Governors, pursuant to the Bank Merger Act of 1960 (12 1 Deposit figures as of September 30, 1963. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

330 FEDERAL RESERVE BULLETIN • MARCH 1964 Under the Act, the Board is required to con- Plant of the United States Steel Corporation sider, as to each of the banks involved, (1) its (about fifteen miles west of Bordentown, in Pennfinancial history and condition, (2) the adequacy sylvania), and the offices of the State of New of its capital structure, (3) its future earnings Jersey, in Trenton (eight miles north of Bordenprospects, (4) the general character of its manage- town). ment, (5) whether its corporate powers are con- Roebling is an unincorporated town, with a sistent with the purposes of 12 U.S.C., Ch. 16 (the 1960 population of over 3,000, located in Burling- Federal Deposit Insurance Act), (6) the conveni- ton County four miles southwest of Bordentown ence and needs of the community to be served, and six miles northeast of Burlington, New Jersey. and (7) the effect of the transaction on compe- The town of Roebling, itself, is largely dependent tition (including any tendency toward monopoly). for employment on the continued operation of The Board may not approve the transaction unless, John A. Roebling Sons Division of Colorado Fuel after considering all these factors, it finds the and Iron Corporation. Burlington County, with a transaction to be in the public interest. 1960 population of about 225,000, is a rapidly Banking factors. Both of the banks have satis- growing area not only in terms of population but factory financial histories and are in sound finan- also suburban construction and industrialization. cial condition. The asset condition of the resulting The lending limit of Bordentown Bank is bank would be satisfactory. The capital structure $60,000 and that of Roebling Bank is $40,000. of Roebling Bank is satisfactory. While the capital In the event the merger is consummated the restructure of Bordentown Bank is somewhat below sulting bank, with a lending limit of $105,000, a desirable level, management is considering means would be in position to serve the needs of larger of strengthening the capital position of the bank. borrowers in a rapidly growing community. There Bordentown Bank's earnings generally have would also be available to the present customers been below the average for banks of comparable of Roebling Bank a greater variety of loans and size in the Federal Reserve District. The earnings a broader range of banking services. of Roebling Bank have been good. Bordentown Competition. The service areas of the two banks Bank lacks full-time executive leadership and overlap to some extent resulting in a moderate Roebling Bank has a management succession degree of competition between the two instituproblem. Consummation of the proposal, which tions which, of course, would be eliminated if the would permit utilization of the combined manmerger is effected. However, the resulting bank agerial potential of the two banks, should result would be a relatively small bank, and would not in a more balanced management situation and enhave a dominant position in the over-all competihance the earnings prospects of the continuing tive area. bank. The fact that one banking alternative would be There is no indication that the powers of the eliminated is not particularly significant because banks involved are or would be inconsistent with of the numerous banking choices otherwise conthe purposes of 12 U.S.C., Ch. 16. veniently available to the public. These include Convenience and needs of the communities. four banks in nearby Trenton, three of which are The City of Bordentown, with a 1960 population substantially larger than would be the resulting of about 5,000, is located in the extreme northern bank. Consummation of the merger should enable section of Burlington County, New Jersey, apthe resulting bank to compete more effectively with proximately eight miles south of Trenton, the these larger institutions. State capital. It is surrounded by the Township of Summary and conclusion. Consummation of the Bordentown, with a 1960 population of about proposed merger would alleviate the management 6,000. The surrounding trade area has an estiproblems presently existing at each of the banks mated additional population of 15,000. Industry and would provide a broader range of banking has supplanted agriculture as the major contribuservices in the combined service area. While tor to the economy of the area. Employment is some competition between the two banks would also provided by the McGuire Air Force Base and U. S. Army's Fort Dix (both located ten miles be eliminated, the over-all effect on competition south of Bordentown), John A. Roebling Sons would not be significantly adverse. Division of Colorado Fuel and Iron Corporation Accordingly, the Board finds the proposed (four miles south of Bordentown), the Fairless transaction to be in the public interest. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Annoimc em ent s CHANGES IN THE BOARD'S STAFF This 230-page document contains tables cover- Mr. Robert C. Masters of the Division of Exam- ing all periods for which flow of funds accounts inations retired effective March 27, 1964. have been computed—annually, 1945-62 for as- Mr. Masters entered the System as an employee sets and liabilities; annually, 1946-62 for total of the Federal Reserve Bank of Boston in June, flows; and quarterly, 1952-62 for flows, seasonally 1933 and was made an Examiner of that Bank adjusted at annual rates. All of the tables pubin 1938. He joined the Board's staff in Jan- lished quarterly in the BULLETIN are included, as uary 1949 and was appointed an Assistant Director well as separate accounts for sectors and transacof the Division of Examinations in December tion categories not shown separately in the BuLr 1951. At the time of his retirement, he was serv- LETIN. ing in the capacity of Associate Director of that The 1963 Supplement is available without Division. charge. Requests for copies should be sent to the Division of Administrative Services, Board of FLOW OF FUNDS ACCOUNTS, 1945-62, 1963 SUPPLEMENT Governors of the Federal Reserve System, Washington, D.C. 20551. The 1963 Supplement to the Flow of Funds Ac- Unadjusted quarterly data are available in a counts, 1945-62 is available for distribution. This volume brings up to date the complete set of separate publication. Requests for Flow of Funds tables that appeared in Flow of Funds Supplement Accounts—Unadjusted Quarterly Data, 1952-62 5 published in 1961. The new supplement also should be addressed to the Flow of Funds Section, replaces all data printed in the Federal Reserve Division of Research and Statistics at the Board BULLETIN through August 1963. of Governors. 331 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summaryy of Business Conditions Released for publication March 16 Industrial production and retail sales increased rose further and the slow advance in output of in February while construction activity continued nondurable materials continued while mining of to change little. The rate of unemployment de- coal declined. clined slightly to 5.4 per cent. Following a decrease in January, bank credit expanded. Since CONSTRUCTION ACTIVITY mid-February, bond yields generally have in- New construction activity in February remained creased. Broad measures of wholesale prices have at the level of the preceding 4 months and was been stable. about a tenth above a year earlier. Both private and public construction have shown relatively little INDUSTRIAL PRODUCTION change in recent months. Industrial production rose in February to 127.6 per cent of the 1957-59 average, from 127.2 in DISTRIBUTION January, and was 6 per cent above a year ago. Retail sales rose 1 per cent in February and The February gain reflected increases for conwere 4 per cent above a year earlier. The increase sumer goods; equipment declined somewhat and in the latest month was attributable mainly to the materials changed little. automotive, lumber, and general merchandise Auto assemblies rose 3 per cent in February and groups. Sales of new cars rose somewhat and those were 12 per cent above a year earlier. Output of used cars were maintained at an advanced rate; of foods, beverages, and some other consumer sales of both new and used cars were 8 per cent staples increased further, and output of furniture above a year earlier. continued to expand while production of television sets and other home goods changed little. Output COMMODITY PRICES of farm equipment was reduced by a strike but Between mid-February and mid-March prices production of other types of business equipment of aluminum, copper, and some mill products were remained at advanced levels. raised. Tin soared but then declined as sales from Changes in output of materials were generally the U.S. stockpile were stepped up. Sugar consmall in February. Production of iron and steel tinued to decline, approaching the level of a year ago before prices rose sharply, and wheat declined INDUSTRIAL PRODUCTION substantially as expectations for export sales were 1957-59=100 revised downward. Livestock and meats remained at reduced levels while coffee rose further. Altogether the wholesale price indexes for foodstuffs and for industrial commodities were relatively stable at levels about a half of 1 per cent above a year ago. 90 140 BANK CREDIT, MONEY SUPPLY, AND RESERVES NONDURABLE Seasonally adjusted commercial bank credit in- MANUFACTURES creased considerably in February after a small decrease in January. Loans continued to expand at a rapid pace. Holdings of U.S. Government securities, which had declined nearly a tenth from the level last spring, increased and holdings of other F.R. indexes, seasonally adjusted. Latest figures shown are securities also rose substantially. The seasonally for Feb. 332 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 333 adjusted money supply declined somewhat while Seasonal inflow of currency continued to supply time and savings deposits at commercial banks rose reserves while a decline in float and System sales further. U.S. Government deposits at commercial of U.S. Government securities absorbed reserves. banks increased. SECURITY MARKETS Member bank borrowings from the Federal Reserve averaged $304 million in February, higher Bond yields generally increased slightly between than in January but lower than in late 1963; excess mid-February and mid-March while the 3-month reserves, at an average of $392 million, were lower Treasury bill rate fluctuated somewhat above the than in immediately preceding months. Seasonally 3Vi per cent discount rate. Common stock prices adjusted required reserves were about unchanged. rose further to a new high. INTEREST RATES PRICES ~ ALL ITEMS _ ~ AIL COMMODITIES 1 1 1 1 . . 1 1 1 1 COMMODITIES NONFOOD COMMODITIES . - 1 1 | 1 I I I! SERVICES^^^^-* PROCESSED FOODS j/*^^ -^•"W" FOODS _ | * FARM PRODUCTS *| 1 1 1 1 1964 1960 64 Discount rate, range or level for all F.R. Banks. Weekly average market yields for U.S. Govt. bonds maturing in 10 Bureau of Laboo r SSttattsits tics indexes.. Lattests t ffiigguueres shown for yy ears or more and for 90-dayy Treasury bills. Latest figures consumer prices. Jan.; for wholesale prices, Feb. shown, week ending Mar. 13. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e Estimated N.S Monthly (or quarterly) figures not adjusted c Corrected for seasonal variation P Preliminary IPC Individuals, partnerships, and corporations r Revised A Assets rp Revised preliminary L Liabilities s Sources of funds ' in, rv Quarters U Uses of funds n.a. Not available * Amounts insignificant in terms of the particular unit (e.g., less than 500,000 when n.e.c. Not elsewhere classified the unit is millions) S.A. Monthly (or quarterly) figures adjusted for (1) Zero, (2) no figure to be expected, or (3) seasonal variation figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right (left) of it add to that total (totals separated by ordinary rules include more components than those shown), (2) to the right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items. "U.S. Govt. securities'* may include guaranteed issues of U.S. Govt. agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the Treasury. "State and local govt.M also includes municipalities, special districts, and other political subdivisions. In some of the tables details do not add to totals because of rounding. The footnotes labeled NOTE (which always appear last) provide (1) the source or sources of data that do not originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data. LIST OF TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Page Annually—continued Issue Page Flowoffunds Jan. 1964 106-114 Banking and monetary statistics. 1963 I feb. 1964 242-47 I Mar. iyo4 jyb—y/ Semiannually Banks and branches, number of, by class and Banking offices: State Apr. 1963 551-52 Analysis of changes in number of Feb. 1964 240 On, and not on, Federal Reserve Par List number of Feb. 1964 241 Income and expenses: Federal Reserve Banks Feb. 1964 238-39 Member banks: Calendar year May 1963 710-18 Operating ratios Apr. 1963 553-55 Annually Insured commercial banks May 1963 719 Bank holding companies: List of, Dec. 31, 1962 June 1963 856 Banking offices and deposits of group banks, Stock Exchange firms, detailed debit and credit Dec.31,1962 July 1963 1012 balances.. Sept. 1963 1322 334 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial and Business Statistics * United States * Member bank reserves, Reserve Bank credit, and related items 336 Reserve Bank discount rates; margin requirements; reserve requirements 340 Federal Reserve Banks . . 342 Bank debits; currency in circulation. 344 Money supply; banks and the monetary system 346 Commercial and mutual savings banks, by classes 348 Commercial banks, by classes. . . 352 Weekly reporting member banks 354 Business loans 357 Interest rates 358 Security prices; stock market credit; open market paper 359 Savings institutions 360 Federal finance 362 Federally sponsored credit agencies 367 Security issues 368 Business finance 371 Real estate credit 373 Consumer credit 376 Industrial production 380 Business activity 384 Construction 384 Employment and earnings 386 Department stores 388 Wholesale and consumer prices 390 National product and income series. . 392 Flow of funds, saving and investment 394 Banking and money statistics, 1963 396 Guide to tabular presentation 334 Index to statistical tables 423 The data for F.R. Banks, member banks, and ties are obtained from Treasury statements; department stores, and consumer credit are the remaining data are obtained largely from derived from regular reports made to the other sources. For many of the banking and Board; production indexes are compiled by the monetary series back data and descriptive text Board on the basis of data collected by other are available in Banking and Monetary Staagencies; figures for gold stock, currency, Fed- tistics and its Supplements (see list of publicral finance, and Federal business-type activi- cations at end of the BULLETIN). 335 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

336 BANK RESERVES AND RELATED ITEMS MARCH 1964 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F.R. Bank credit outstanding Deposits, other Treas- than member bank Member bank ury Cur- Treas- reserves, reserves Period U.S. Govt. securities Gold cur- rency ury with F.R. Banks Other or Dis- stock rency in cash F.R. date counts To- out- cir- hold- ac- Bought Repur- and Floati tal 2 stand- cula- ings counts With Cur- Total out- chase ad- ing tion Treas- For- Other i F.R. rency Total right agree- vances ury eign Banks and ments coin 3 •••••••••1 Averages of daily figures 1929—June 179 179 978 61 1,317 4,024 2,018 4,400 210 30 30 376 2,314 2,314 1933—June 1,933 1,933 250 12 2,208 4,030 2,295 5,455 272 81 164 350 2,211 2,211 1939—Dec... 2,510 2,510 8 83 2,612 17,518 2,956 7,609 2,402 616 739 248 11,473 11,473 1941—Dec... 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 12,812 1945_Dec 23,708 23,708 381 652 24,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16,027 1950—Dec... 20,345 20,336 9 142 ,117 21,606 22,879 4,629 27,806 1,290 615 920 353 739 17,391 17,391 1951—Dec 23,409 23,310 99 657 ,375 25,446 22,483 4,701 29,139 1,280 271 571 264 796 20,310 20,310 1952—Dec... 24,400 23,876 524 1,633 ,262 27,299 23,276 4,806 30,494 1,271 569 745 290 832 21,180 21,180 1953—Dec... 25,639 25,218 421 448 ,018 27,107 22,028 4,885 30,968 767 602 466 390 908 19,920 19,920 1954—Dec... 24,917 24,888 29 407 992 26,317 21,711 4,982 30,749 805 443 439 365 929 19 279 19,279 1955—Dec 24,602 24,318 284 840 389 26,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956—Dec... 24,765 24,498 267 706 ,63327,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957—Dec... 23,982 23,615 367 716 ,44326,186 22,769 5,144 31,932 768 385 345 186 ,063 19,420 19,420 1958—Dec 26,312 26,216 96 564 ,496 28,412 20,563 5,230 32,371 691 470 262 337 ,174 18,899 18,899 1959—Dec... 27,036 26,993 43 911 ,426 29,435 19,482 5,311 32,775 396 524 361 348 ,195 18,628 304 18,932 1960—Dec 27,248 27,170 78 94 665 29,060 17,954 5,396 33,019 408 522 250 495 ,029 16,688 2,595 19,283 1961—Dec... 29,098 29,061 37 152 ;921 31,217 16,929 5,587 33,954 422 514 229 244 ,112 17,259 2,859 20,118 1962—Dec 30,546 30,474 72 305 3,218 15,978 5,561 35,281 398 587 222 290 ,048 16,932 3,108 20,040 1963—Feb.... 30,541 30,355 186 181 ,50332,287 15,922 5,567 34,230 437 832 208 305 ,041 16,724 2,857 19,581 Mar.... 30,613 30,507 106 185 ,662266 3322,477 15,878 5,576 34,431 446 878 188 185 ,095 16,707 2,809 19,516 Apr.... 30,897 30,833 64 151 ,559966 32,692 15,878 5,578 34,719 436 917 183 199 ,022 16,671 2,903 19,574 May... 31,138 31,041 97 229 ,556600 32,972 15,834 5,576 34,879 423 890 171 183 ,075 16,761 2,915 19,676 June... 31,540 31,446 94 236 ,63533,454 15,785 5,583 35,293 400 794 193 216 ,125 16,800 2,935 19,735 July.... 32,158 32,014 144 322 740 34,262 15,664 5,585 35,752 393 923 176 201 ,076 16,991 3,026 20,017 Aug.... 32,233 32,171 62 355 453 34,080 15,602 5,584 35,794 394 846 164 200 1,144 16,723 2,998 19,721 Sept.... 32,341 32,243 98 352 710 34,440 15,582 5,589 35,945 401 866 149 196 1,163 16,890 3,055 19,945 Oct 32,648 32,464 184 343 34,628 15,582 5,587 36,120 395 918 161 194 1,089 16,920 3,084 20,004 Nov.... 33,126 32,936 190 407 35,353 15,582 5,594 36,693 395 938 150 198 1,138 17,017 3,102 20,119 Dec... 33,729 33,626 103 360 2^34 36,610 15,562 5,583 37,603 389 879 160 206 1,215 17,303 3,427 20,730 1964—Jan 33,200 33,127 73 289 2,164 35.770 15,513 5,583 36,827 408 965 155 212 1,052 17,247 3,428 20,675 Feb.... 33,009 32,981 28 311 1,644/35,028 15,480 5,586 36,382 430 926 141 205 991 17,018P3,127 *>20,145 Week ending— 1963 Jan. 2 30,598 30,478 120 716 2,684 34,104 15,978 5,568 35,349 399 628 280 319 1,054 17,623 3,456 21,079 9 30,404 30,404 65 2,728 33,286 15,978 5,572 35,022 423 711 226 306 991 17,157 3,139 20,296 16 30,227 30,227 80 2:392 32,:784 15,963 5,563 34,694 412 767 232 298 980 16,927 3,173 20,100 23 29,898 29,898 172 307 32,464 15,928 5,567 34,361 429 823 225 281 960 16,881 3,034 19,915 30 30,123 29,975 148 101 615 31,916 15,928 5,571 34,080 432 837 220 297 966 16,583 3,028 19,611 Feb. 6 30,540 30,235 305 225 ,358 32,194 15,928 5,569 34,107 421 783 206 297 971 16,907 2,777 19,684 13 30,786 30,447 339 165 ,319 32,330 15,928 5,563 34,263 427 838 212 298 959 16,825 2,799 19,624 20 30,392 30,337 55 157 ,702 32,312 15,928 5,566 34,293 444 901 187 310 ,086 16,586 2,926 19,512 27 30,405 30,361 44 159 ,596 32,219 15,913 5,570 34,228 454 801 230 314 ,125 16,550 2,927 19,477 Mar. 6 30,552 30,402 150 172 ,66532,444 15,878 5,573 34,282 448 856 188 213 ,135 16,772 2,745 19,517 13 30,651 30,528 123 168 ,52732,402 15,877 5,576 34,454 450 783 191 181 ,114 16,682 2,740 19,422 20 30,430 30,430 87 372 32,441 15,878 5,577 34,511 448 845 180 191 ,073 16,648 2,857 19,505 27 30,635 30,519 116 271 ,59832,555 15,878 5,576 34,415 451 1,014 186 174 ,078 16,690 2,908 19,598 Apr. 3 30,997 30,855 142 204 ,34532,596 15,878 5,577 34,535 428 895 189 191 1,074 16,740 2,868 19,608 10 31,188 31,106 82 117 ,425 32,779 15,878 5,578 34,745 441 897 184 194 1,076 16,696 2,675 19,371 17 30,988 30,946 42 187 ,630 32,853 15,878 5,574 34,915 427 826 190 216 1,001 16,730 2,960 19,690 24 30,589 30,589 188 ,919 32,743 15,877 5,578 34,685 437 996 191 192 987 16,710 3,019 19,729 May 1 30,808 30,646 162 124 ,522 32,500 15,877 34,583 438 963 167 196 997 16,615 3,029 19,644 8 31,350 31,113 237 141 ,545 33,081 15,864 34,755 435 969 172 191 990 17,012 2,703 19,715 15 31,333 31,211 122 229 ,471 33,077 15,828 34,933 416 1,047 156 189 984 16,750 2,910 19,660 22 30,914 30,914 304 ,899 33,163 15,828 34,896 422 931 190 177 1,162 16,787 2,896 19,683 29 30,910 30,910 266 ,446 32,667 15,819 34,911 419 673 168 174 1,155 16,565 3,034 19,599 June 5 31,293 31,191 102 216 ,318 32,868 15,797 5,583 35,108 407 643 169 183 1,156 16,582 2,856 19,438 12 31,587 31,513 74 249 ,382 33,261 15,797 5,581 35,298 402 774 218 205 1,156 16,587 2,841 19,428 19 31,317 31,244 73 284 ,85333,498 15,798 5,582 35,331 404 781 202 237 1,111 16,813 2,983 19,796 26 31,583 31,430 153 234 854 33,714 15,779 5,582 35,279 402 892 185 217 1,099 17,001 3,051 20,052 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1964 BANK RESERVES AND RELATED ITEMS 337 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F.R. Bank credit outstanding Deposits, other Treas- than member bank Member bank ury Cur- Treas- reserves, reserves Period U.S. Govt. securities Gold cur- rency ury with F.R. Banks Other or Dis- stock rency in cash F.R. date counts To- out- cir- hold- ac- Bought Repur- and Float i tal 2 stand- cula- ings counts With Cur- Total out- chase ad- ing tion Treas- For- Other F.R. rency Total right agree- vances ury eign Banks and ments coin 3 Averages of daily figures Week ending— 1963 July 3 32,249 32,078 171 329 1,65134,273 15,733 5,587 35,581 383 863 173 235 1,101 17,257 2,985 20,242 10 32,652 32,308 344 323 726 34,744 15,691 5,588 35,899 391 1,022 180 196 1,107 17,228 2,865 20,093 17 32,042 31,939 103 401 929 34,419 15,669 5,582 35,850 396 922 180 199 1,056 17,067 3,105 20,172 24 31,687 31,687 313 990 34,030 15,633 5,584 35,698 391 886 168 193 1,062 16,850 3,078 19,928 31 32,086 32,044 "42 143 344 33,611 15,633 5,586 35,564 393 891 179 202 1,069 16,530 3,118 19,648 Aug. 7 32,443 32,373 70 403 1,28834,174 15,633 5,587 35,703 402 742 170 250 1,071 17,055 2,858 19,913 14 32,286 32,253 33 382 1,367 3"'4,075 15,618 5,581 35,879 382 870 167 188 1,038 16,750 2,959 19,709 21 32,017 31,964 53 324 1,787 34,167 15,583 5,583 35,850 394 879 153 185 1,217 16,655 2,999 19,654 28 32,142 32,074 68 305 1,418 33,901 15,583 5,586 35,728 400 918 162 181 1,219 16,461 3,093 19,554 Sept .?::::: 32,438 32,264 174 355 1,348 34,180 15,582 5,587 35,889 391 806 170 192 1,214 16,689 2,995 19,684 32,644 32,350 294 385 1,48734,553 15,583 5,591 36,066 409 824 153 206 1,219 16,850 2,964 19,814 18 32,209 32,209 225 1,995 "3'4,465 15,582 5,590 36,016 417 942 142 209 1,139 16,770 3,130 19,900 25 32,040 32,040 418 1,937 34,434 15,582 5,587 35,850 385 856 139 181 1,140 17,052 3,148 20,200 Oct. 2 32,511 32,449 62 373 1,,545 34,467 15,582 5,589 35,858 393 901 153 192 1,114 17,027 3,150 20,177 9 33,036 32,617 419 422 1,52735,030 15,583 5,591 36,061 397 910 153 193 1,141 17,349 2,843 20,192 16 32,784 32,521 263 339 1,567 3~'4,737 15,583 5,582 36,235 392 930 150 194 1,107 16,894 3,095 19,989 23 32,226 32,226 392 1,930 34,589 15,581 5,583 36,165 394 915 171 188 1,060 16,860 3,082 19,942 30 32,474 32,413 "*6i 229 1,41634,163 15,582 5,590 36,066 398 906 167 197 1,048 16,553 3,20.^ 19,755 Nov. 6 33,031 32,822 209 434 1,31534,842 15,583 5,595 36,250 391 823 156 193 1,019 17,188 2,978 20,166 13 33,179 32,880 299 330 1,58135,138 15,582 5,598 36,625 402 886 146 198 1,001 17,060 3,005 20,065 20 32,949 32,773 176 462 2,180 "3"5,635 15,582 5,596 36,722 403 1,045 144 208 1,211 17,080 3,170 20,250 27 33,111 33,018 93 233 2,126 35,512 15,582 5,593 36,872 386 1,006 151 199 1,250 16,823 3,21' 20,035 Dec. 4 33,795 33,590 205 540 1,63136,010 15,582 5,580 37,274 385 812 167 197 1,264 17,074 3,246 20,320 11 33,849 33,759 90 148 1,89935,945 15,582 5,586 37,487 388 856 143 202 1,268 16,110 3,224 19,994 18 33,665 33,582 83 307 2,47136,507 15,582 5,582 37,621 3,92 907 158 196 1,194 17,204 3,476 20,680 25 33,586 33,552 34 350 2,99137,040 15,552 5,586 37,752 395 903 154 210 1,208 17,556 3,444 21,000 1964 Jan. 1 33,655 33,563 92 590 21,,752 37,153 15,513 5,580 37,730 381 927 185 227 1,142 17,653 3,790 21,443 8 33,698 33,531 167 396 2,461 36,706 15,513 5,582 37,306 402 966 168 205 1,070 17,685 3,485 21,170 15 33,494 33,338 156 394 2,203 3"6',231 15,513 5,584 36,983 406 1,033 167 213 1,062 17,463 3,442 20,905 22 32,944 32,9'44 198 2,365 35,623 15,513 5,586 36,690 416 1,044 148 216 1,059 17,149 3,314 20,463 29 32,739 32,739 209 1,764 34,780 15,512 5,582 36,364 410 869 141 208 1,041 16,840 3,360 20,200 Feb. 5 33,009 32,979 277 1,417 344,771 15,512 5,587 36,292 425 759 131 214 960 17,089 3,131 20,220 12 33,275 33,214 372 1, 5,208 15,498 5,586 36,462 424 978 151 200 961 17,116 3,062 20,178 19 32,887 32,862 291 1,846 35 15,462 5,583 36,469 420 979 124 209 960 16,972 3,199 20,171 26 32,750 32,750 200 1,835 34; 846 15,462 5,588 36,308 439 903 147 197 1,051 16,852 '3,181^20,033 End of month 1963 Dec. 33,593 33,582 63 2,600 36,418 15,513 5,578 37,692 361 880 171 291 1,065 17,049 4,099 21,148 1964 Jan 32,752 32,752 364 1,459 34,643 15,512 5,585 36,247 416 791 136 210 957 16,983 3,471 20,454 33,169 33,169 570 1,47135,274 '15,462'5,586*>36,296 1,024 155 207 1,044 17,146 '2,890^20,036 Feb Wednesday 1964 Jan. 8 33,493 33,341 152 325 1,956 35,919 15,513 5,583 37,187 403 1,082 171 214 1,063 16,895 3,725 20,620 15 33,419 33,322 97 94 2,38636,022 15,513 5,585 36,888 417 996 155 219 1,063 17,382 3,776 21,158 22 32,696 32,696 348 1,748 3344,888 15,513 5,581 36,568 418 1,036 147 210 1,055 16,547 3,649 20,196 29 32,721 32,721 333 1,34734,467 15,513 5,582 36,310 427 847 130 197 956 16,696 3,685 20,381 Feb. 5. 33,375 33,292 423 1,,278 35,143 15,513 5,592 36,387 441 635 137 206 964 17,479 3,276 20,755 12. 33,238 33,179 381 1,21834,903 15,463 5,581 36,553 422 942 137 197 935 16,761 3,456 20,217 19. 32,720 32,720 73 1,887 3"'4,742 15,463 5,585 36,432 432 944 141 199 1,052 16,589 3,499 20,088 26. 32,932 32,932 574 1,375 34,943 15,463 5,586 36,320 458 825 135 196 1,043 17,015 '3,534'20,549 1 Beginning with 1960 reflects a minor change in concept, see Feb. 3 Part allowed as reserves Dec. 1, 1959-Nov. 23, 1960; all allowed 1961 BULL., p. 164. thereafter. Beginning with Jan. 1963 figures are estimated except for 2 Includes industrial loans and acceptances, when held. (Industrial weekly averages. loan program discontinued Aug. 21, 1959.) For holdings of acceptances on Wed. and end-of-month dates, see subsequent tables on F.R. Banks. See also note 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

338 BANK RESERVES AND RELATED ITEMS MARCH 1964 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City City of Chicago Period Reserves Bor- Reserves Bor- Reserves Bor- T h o e t l a d l qu R ir e e - d Excess B r F in a o a . n w R g t k s - . s s F e r r r e v e - e e s T h o e t l a d l qu R ir e e - d Excess B r F i a n o a . n w R g t k s - . s s F e r r r e v e - e e s T h o e t l a d l qu R ir e e - d Excess B r F i a n o a . n w R g t k s - . s s F e r r r e v e - e e s 1929—June 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 1 63 -62 1933—June 12,160 1,797 363 184 179 861 792 69 69 211 133 78 78 1939—Dec 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 2,611 ,141 601 540 540 1941_Dec 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 ,143 848 295 295 1945—Dec 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947_Dec 17,261 16,275 986 224 762 4,404 4,299 105 38 67 ,024 1,011 13 7 1950—Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 ,199 1,191 5 3 1951—Dec 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 ,356 1,353 3 64 -61 1952—Dec 21,180 20,457 723 1,593 -870 5,357 5,328 30 486 -456 ,406 1,409 -4 232 -236 1953—Dec 19,920 19,227 693 441 252 4,762 4,748 14 115 -101 ,295 1,295 1 37 -36 1954—Dec 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 ,210 1,210 15 -16 1955—Dec 19,240 18,646 594 839 -245 4,432 4,397 35 197 -162 ,166 1,164 85 -83 1956—Dec 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 ,149 1,138 97 -86 1957—Dec 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 ,136 1,127 85 -77 1958—Dec 18,899 18,383 516 557 -41 4,033 4,010 23 102 -81 ,077 1,070 39 -31 1959—Dec 18,932 18,450 482 906 -424 3,920 3,930 -10 99 -109 ,038 1,038 104 -104 I960—Dec 19,283 18,514 769 87 682 3,687 3,658 29 19 10 958 953 -4 1961—Dec 20,118 19,550 568 149 419 3,834 3,826 7 57 -50 987 987 -22 1962—Dec 20,040 19,468 572 304 268 3,863 3,817 46 108 -62 1,042 1,035 -11 1963—Feb 19,582 19,109 473 172 301 3,721 3,704 17 42 -25 1,016 1,012 -11 Mar 19,515 19,091 424 155 269 3,753 3,734 19 27 -8 1,009 1,008 -37 Apr 19,572 19,138 434 121 313 3,727 3,716 11 12 -1 1,003 998 -9 May 19,679 19,223 456 209 247 3,770 3,735 35 34 1 1,025 1,025 -8 June 19,729 19,355 374 236 138 3,722 3,742 -20 39 -59 1,028 1,032 -4 -7 July 20,020 19,537 483 322 161 3,795 3,740 55 40 15 1,038 1,026 12 -12 Aug 19,719 19,256 463 330 133 3,630 3,620 10 90 -80 1,009 1,007 2 -27 Sept 19,945 19,533 412 321 91 3,748 3,721 27 82 -55 ',029 1,030 -1 -41 Oct 20.003 19,596 407 313 94 3,695 3,693 2 101 -99 ,036 1,028 8 -11 Nov 20,114 19,705 409 376 33 3,683 3,668 15 89 -74 ,035 1,031 4 -36 Dec 20,746 20,210 536 327 209 3,951 3,895 56 37 19 ,056 1,051 5 -21 1964—Jan 20,675 20,248 427 256 171 3,906 3,893 13 36 -23 ,048 1,044 5 -22 Feb 2>20,145^19,753 ^392 304 ^3,797 ^3,757 47 P-1 ,014 2l016 v-2 Week ending— 1963—Feb. 6 19,684 19,227 457 223 234 3,785 3,777 54 -46 ,030 1,024 6 -9 13 19,624 19,121 503 165 338 3,707 3,683 24 14 10 ,011 1,008 3 -41 20.... 19,512 19,087 425 157 268 3,699 3,682 17 51 -34 ,011 1,006 5 4 27 19,477 19,010 467 129 338 3,691 3,682 10 34 -24 ,004 1,009 -5 -5 Sept. i4..:: 19,684 19,204 480 325 155 3,645 3,601 44 81 -37 ,014 1,010 19,814 19,313 501 354 147 3,615 3,605 10 135 -125 ,001 1,001 -38 18 19,900 19,552 348 193 155 3,710 3,713 -2 41 -43 ,033 1,028 5 -22 25.... 20,200 19,740 460 388 72 3,847 3,817 30 83 -53 ,046 1,051 -5 -50 Oct. 2.... 20,177 19,825 352 343 9 3,891 3,877 15 83 -68 ,065 1,060 5 -67 9 20,192 19,757 435 392 43 3,775 3,767 8 100 -92 ,044 1,043 1 -50 16 19,989 19,603 386 309 77 3,678 3,661 17 130 -113 ,033 1,025 8 -10 23.... 19,942 19,513 429 361 68 3,643 3,639 4 127 -123 ,034 1,028 6 2 30 19,755 19,407 348 199 149 3,650 3,632 18 34 -16 ,009 1,007 2 -2 Nov. 6.... 20,166 19,737 429 404 25 3,760 3,752 9 182 -173 ,038 1,036 2 13 20,065 19,637 428 300 128 3,669 3,616 54 100 -46 ,031 1,021 10 -11 20.... 20,250 19,744 506 431 75 3,652 3,650 1 76 -75 ,049 1,035 15 -58 27 20,035 19,700 335 200 135 3,671 3,650 20 5 16 ,034 1,035 -1 -4 Dec. 4 20,320 19,734 586 507 79 3,741 3,707 34 59 -25 ,032 1,027 6 -37 11.... 19,994 19,804 190 115 75 3,747 3,745 13 -10 ,009 1,012 -3 -6 18.... 20,680 20,188 492 272 220 3,913 3,906 8 11 -3 ,053 1,044 9 -15 25.... 21,000 20,516 484 317 167 4,046 4,004 42 53 -11 ,080 1,080 -24 1964—Jan. 1.... '21,449'20,663 786 558 '228 4,228 4,073 155 67 ,094 1,090 4 -47 8 '21,169'•20,706 463 364 99 4,068 4,072 -4 45 -49 ,100 1,091 9 -19 15.... 20,905 20,305 600 361 239 3,909 3,864 45 79 -34 ,047 1,043 4 -37 22 20,463 20,174 289 164 125 3,841 3,837 4 15 -11 ,027 1,032 -5 -33 29 20,200 19,827 373 177 196 3,791 3,780 11 21 -10 ,012 1,007 5 Feb. 20,220 19,854 366 242 124 3,834 3,820 14 24 -10 1,028 1,021 46 -40 20,178 19,776 402 367 35 3,762 3,744 18 89 -71 1,003 1,011 117 -124 20,171 19,751 420 291 129 3,762 3,742 20 4 16 1,031 1,018 13 132 -119 ^20,033*>19,684 200 3,733 3,734 -1 35 -36 1,011 1,011 60 -60 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1964 BANK RESERVES AND RELATED ITEMS 339 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Country banks Reserves Reserves Period Borrow- Borrowings at Free ings at Free Total F.R. reserves Total reserves held Required Excess Banks held Required Excess Banks 1929—June 761 749 12 409 -397 632 610 22 327 -305 1933 June 648 528 120 58 62 441 344 96 126 -30 1939 Dec 3,140 1,953 1,188 1,188 1,568 897 671 3 668 1941—Dec 4,317 3,014 1,303 1 1,302 2,210 1,406 804 4 800 1945 Dec 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 1947 Dec 6,861 6,589 271 123 148 4,972 4,375 597 57 540 1950 Dec 6,689 6,458 232 50 182 4,761 4 099 663 29 634 1951—Dec 7,922 7,738 184 354 -170 5,756 5,161 596 88 508 1952—Dec 8,323 8,203 120 639 -519 6,094 5,518 576 236 340 1953 Dec 7,962 7,877 85 184 -99 5,901 5,307 594 105 489 1954—Dec 7,927 7,836 91 117 -26 5,634 5,032 602 52 550 1955—Dec 7,924 7,865 60 398 -338 5,716 5,220 497 159 338 1956—Dec 8,078 7,983 96 300 -203 5,859 5,371 488 144 344 1957 Dec 8,042 7,956 86 314 -228 5,906 5,457 449 172 277 1958—Dec 7,940 7,883 57 254 -198 5,849 5,419 430 162 268 1959—Dec 7,954 7,912 41 490 -449 6,020 5,569 450 213 237 1960—Dec 7,950 7,851 too 20 80 6,689 6,066 623 40 583 1961 Dec 8,367 8,308 59 39 20 6,931 6,429 502 31 471 1962—Dec 8,178 8,100 78 130 -52 6,956 6,515 442 48 394 1963 Feb 7,945 7,919 26 80 -54 6,900 6,474 426 35 391 Mar 7,934 7,917 17 50 -33 6,819 6,432 387 40 347 Apr 7,992 7,965 27 54 -27 6,850 6 459 391 41 350 May 8,016 7,963 53 117 -64 6,868 6,500 368 50 318 June 8,036 8,018 18 129 -111 6,942 6 563 379 65 314 July 8,151 8,099 52 201 -149 7,037 6,672 365 57 308 Aug 8,061 8,018 43 118 -75 7,019 6,611 408 93 315 Sept 8,118 8,096 22 130 -108 7,050 6,686 364 69 295 Oct 8,155 8,117 38 131 -93 7,118 6,758 360 62 298 Nov 8,197 8,164 33 171 -138 7,199 6 842 357 76 281 Dec 8,393 8,325 68 190 -122 7,347 6,939 408 74 334 1964—Jan 8,346 8,325 21 137 -116 7,376 6,986 390 56 334 Feb *8,122 106 P-S7 ^6,876 ^337 64 Week ending— 1963—Feb 6 7,982 7,960 22 90 -68 6,887 6 467 420 64 356 13 7,950 7,927 23 80 -57 6,956 6,503 453 27 426 20 7,944 7,923 21 75 -54 6 858 6 476 382 30 352 27 7,895 7,869 26 70 -44 6,887 6,451 436 25 411 Sept 4 8,082 8,006 76 135 -59 6,943 6,587 356 109 247 8,092 8,047 45 112 -67 7,106 6,660 446 70 376 18 8,118 8,111 7 74 -67 7,039 6 701 338 51 287 25 8,168 8,135 34 203 -169 7,139 6,737 402 57 345 Oct. 2 8,191 8,170 21 111 -90 7,030 6,719 311 77 234 9 8,221 8,185 36 185 -149 7,152 6,762 390 56 334 16 8,173 8,135 38 119 -81 7,105 6,782 323 42 281 23 8,105 8,083 21 182 -161 7,160 6,762 398 48 350 30 8,064 8,038 25 66 -41 7,032 6,729 303 95 208 Nov 6 8,184 8,168 17 111 -94 7,184 6,782 402 65 337 13 8,194 8,156 39 111 -72 7,170 6,845 325 67 258 20 8,180 8,177 4 222 -218 7,369 6,882 487 60 427 27 8,199 8,162 37 101 -64 7,131 6,853 278 90 188 Dec 4 8,198 8,154 44 304 -260 7,349 6,846 502 101 401 11 8,204 8,167 37 24 13 7,033 6,880 153 75 78 18 8,362 8,313 49 166 -117 7,351 6,925 426 71 355 25 8,487 8,452 35 161 -126 7,388 6,979 409 79 330 1964 Jan 1 r8,628 r8,478 384 r-234 7,500 7,023 477 56 421 8 8,540 r8,498 42 217 r-175 7,461 7 046 415 74 341 15 8,416 8,376 40 193 -153 7,533 7,022 511 48 463 22 8,337 8,319 18 77 -59 7,257 6,986 271 44 227 29 . . 8 163 8 133 30 93 -63 7,234 6 907 327 55 272 Feb 5 . .. 8 146 8,133 13 95 -81 7 213 6 879 333 77 256 12 8,157 8,111 46 102 -56 7,255 6,911 345 59 286 19 8,140 8,102 38 83 -46 7,238 6,888 350 72 278 26 8,107 8,085 22 66 -44 ^6,854 ^328 39 ^289 i This total excludes, and that in the preceding table includes, $51 1959; thereafter on closing figures for balances with F.R. Banks and openmillion in balances of unlicensed banks. ing figures for allowable cash; see also note 3 to preceding table. Required reserves: Based on deposits as of opening of business each day. NOTE.—Averages of daily figures. Beginning with Jan. 1964 reserves Borrowings at F.R. Banks: Based on closing figures. are estimated except for weekly averages. Total reserves held: Based on figures at close of business through Nov. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

340 DISCOUNT RATES MARCH 1964 FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Discounts for and advances to member banks Advances to all others under last par. Sec. 13 3 Advances and discounts under Advances under Federal Reserve Bank Sees. 13 and 13a i Sec. 10(b) 2 Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous Feb. 29 date rate Feb. 29 date rate Feb. 29 date rate Boston July 17, 1963 July 17,1963 July 17,1963 New York... July 17, 1963 July 17,1963 June 10,1960 Philadelphia.. July 19, 1963 July 19,1963 Aug. 19,1960 Cleveland.... July 17, 1963 July 17,1963 July 17,1963 Richmond. .. July 17, 1963 July 17,1963 July 17,1963 Atlanta July 24, 1963 July 24,1963 July 24,1963 9 Chicago July 19, 1963 July 19,1963 July 19,1963 St. Louis July 17, 1963 July 17,1963 July 17,1963 Minneapolis.. July 17, 1963 July 17,1963 Aug. 15,1960 f Kansas City.. July 26, 1963 July 26,1963 July 26,1963 Dallas July 17, 1963 July 17,1963 Sept. 9,1960 San Francisco July 19, 1963 July 19,1963 June 3,1960 5 i Advances secured by U.S. Govt. securities and discounts of and secured by FICB securities are limited to 15 days. advances secured by eligible paper. Rates shown also apply to advances 2 Advances secured to the satisfaction of the F.R. Bank. Maximum secured by securities of Federal intermediate credit banks maturing maturity: 4 months. within 6 months. Maximum maturity: 90 days except that discounts 3 Advances to individuals, partnerships, or corporations other than of certain bankers' acceptances and of agricultural paper may have member banks secured by U.S. Govt. direct securities. Maximum maturities not over 6 months and 9 months, respectively, and advances maturity: 90 days. FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Range F.R. Range F.R. Range F.R. Effective (or level)— Bank Effective (or level)— Bank Effective (or level)— Bank date all F.R. of date all F.R. of date all F.R. of Banks N.Y. Banks N.Y. Banks N.Y. In effect Dec. 31, 1932 1953 1958 Jan. 16 Jan. 22 1933 23 24 Mar. 3 Mar. 7 4 13 Apr. 7 1954 21 May 26 Feb. 5 Apr. 18 Oct. 20 15 May 9 Apr. 14 Aug. 15 1934 16 Sept. 12 Feb. 2 IBS* May 21 Mar. 16 Oct. 24!!!!! Nov. 7 1935 1955 Jan. 11 Ap, J4... il May 14 1959 May 2 Mar. 6 1937 16 Aug. 27 ,. 1 -2 Aug. 4 May 29 Sept. 4....6 ,... 1 -IV 12.'.'!.*; J S u e n p e t. 1 1 1 2 1942 Sept- ,§:::::: 18 Apr. 11 Oct. 15 Nov. 18 30 i 23 1960 1946 v June 3 Apr. 25 1956 10 f May 10 Apr. 13 14 20 Aug. 12 1948 Aug. 24 Sept. 9 Jan. 12 19 3 Aug. 13 1963 s 1957 July 17 Aug. 9 3 —3V£ 26 1950 23 3 fm f Nov. 15 1964 Aug-!!:::::::::::::::: Dec. 2 In effect Feb. 29 1 Preferential rate of Vi of 1 per cent for advances secured by U.S. against U.S. Govt. securities was the same as its discount rate except Govt. securities maturing in 1 year or less. The rate of 1 per cent was in the following periods (rates in percentages): 1955—May 4-6, 1.65; continued for discounts of and advances secured by eligible paper. Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug. 24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31-Nov. 17, Dec. 28-29, NOTE.—Discount rates under Sees. 13 and 13a (as described in table 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July above). For data before 1933, see Banking and Monetary Statistics, 20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3 1943, pp. 439-42. 2.75; 1962—Mar. 20-21, 2.75. The rate charged by the F.R. Bank of N.Y. on repurchase contracts Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1964 RESERVE REQUIREMENTS 341 MAXIMUM INTEREST RATES PAYABLE ON TTME AND RESERVE REQUIREMENTS OF MEMBER BANKS SAVINGS DEPOSITS (Per cent of deposits) (Per cent per annum) Net demand deposits2 Time deposits Effective date Type of deposit Central Jan. 1, Jan. 1, Jan. 1, July 17, Effective date* Central reserve 1936 1957 1962 1963 reserve Reserve Coun- and Councity city try reserve try banks 3 banks banks city banks Savings deposits held for: banks 3 { k 4 Less than 1 year 3% In effect Dec. 31,1948... 26 22 16 7% 7% Postal savings deposits held for: 1949_May 1,5 24 21 15 7 7 3 4 June 30, July 1.. 20 14 6 6 Less than 1 year 3% Aug. 1,11 8* 13 5 Aug. 16, 18 12 Other time deposits pay- { Aug. 25 if* able in* i ¥ Sept. 1 1 year or more 3 I; 1951—Jan. 11, 16 , , 23 19 13 6 6 6 months-1 year Jan. 25, Feb. 1.. 24 20 14 90 days-6 months 2 1953—July 1,9 22 19 13 Less than 90 days 1 1 1954_june 16,24 21 5 5 July 29, Aug. 1. 20 18 12 1 For exceptions with respect to foreign time deposits, see Oct. 1962 1958—Feb. 27, Mar. 1. g* i?% 11V4 BULL., p. 1279. Mar. 20, Apr. 1.. NOTE.—Maximum rates that may be paid by member banks as estab- Apr. 17 it* lished by the Board of Governors under provisions of Regulation Q. Apr. 24 161/2 Under this Regulation the rate payable by a member bank may not in I960—Sept 1 any event exceed the maximum rate payable by State banks or trust Nov. 24 171/2 12 cos. on like deposits under the laws of the State in which the member Dec. 1 16% bank is located. Effective Feb. 1, 1936, maximum rates that may be paid by insured nonmember commercial banks, as established by the 1962—Oct. 25, Nov. 1. 4 4 FDIC, have been the same as those in effect for member banks. Maximum rate payable on all types of time and savings deposits; In effect Mar. 1, 1964.. 16% 12 4 4 Nov. 1, 1933-Jan. 31, 1935, 3 per cent; Feb. 1, 1935-Dec. 31 1935 ,2% per cent. Present legal requirement: MARGIN REQUIREMENTS Minimum. 10 7 3 3 (Per cent of market value) Maximum 22 14 6 6 Effective date 1 When two dates are shown, first-of-month or midmonth dates record changes at country banks, and other dates (usually Thurs.) record changes Regulation at central reserve or reserve city banks. July 28, July 10, Nov. 6, 2 Demand deposits subject to reserve requirements are gross demand 1960 1962 1963 deposits minus cash items in process of collection and demand balances due from domestic banks. 3 Authority of the Board of Governors to classify or reclassify cities as Regulation T: central reserve cities was teminated effective July 28, 1962. For extensions of credit by brokers and dealers on listed securities 70 50 70 NOTE.—All required reserves were held on deposit with F.R. Banks, 70 50 70 June 21, 1917, until late 1959. Since then, member banks have also been Regulation U: allowed to count vault cash as reserves, as follows: Country banks—in 70 50 70 excess of 4 and 2% per cent of net demand deposits effective Dec. 1, 1959' and Aug. 25, 1960, respectively. Central reserve city and reserve city banks—in excess of 2 and 1 per cent effective Dec. 3, 1959 and Sept. 1B NOTE.—Regulations T and U> prescribed in accordance with Securities 1960, respectively. Effective Nov. 24, 1960, all vault cash. Exchange Act of 1934, limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a specified percentage of its market value at the time of extension; margin requirements are the difference between the market value (100+) and the maximum loan value. DEPOSITS, CASH, AND RESERVES OF MEMBER BANES an millions of dollars) Reserve city banks Reserve city banks All Country All Country Item member New City banks Item member New City banks banks York of Other banks York of Other City Chicago City Chicago Four weeks ending Jan. 8, 1964 Four weeks ending Feb. 5, 1964 Gross demand: Gross demand: Total 139,810 27,054 6,675 53,473 52,608 Total 134,209 25,493 6,234 50,910 51,572 Interbank 15,238 4,452 1,279 7,604 1,903 Interbank 14,350 4,249 1,186 7,065 1,851 U.S. Govt 5,229 1,211 305 1,923 1,790 U.S. Govt 2,982 602 147 1,067 1,166 Other 119,343 21,391 5,091 43,946 48,914 Other 116,877 20,642 4,901 42,779 48,555 Net demand 1 114,318 21,473 5,593 42,583 44,669 Net demand * 110,812 20,244 5,266 41,188 44,115 Time 91,746 11,766 3,838 35,291 40,851 Time 93,525 12,127 3,924 36,107 41,366 Demand balances due Demand balances due from domestic banks. . 7,667 115 100 2,138 5,313 from domestic banks. 7,205 105 95 1,996 5,009 Currency and coin 3,552 300 55 1,088 2,109 Currency and coin 3,312 262 50 1,005 1,996 Balances with F.R. Balances with F.R. Banks 17,524 3,764 1,027 7,416 5,317 Banks 17,135 3,582 978 7,261 5,313 Total reserves held 21,076 4,064 1,082 8,504 7,426 Total reserves held 20,447 3,844 1,028 8,266 7,309 Required 20,522 4,014 1,076 8,438 6,994 Required 20,040 3,825 1,026 8,240 6,948 Excess 554 50 6 66 432 Excess 407 19 2 26 361 1 Demand deposits subject to reserve requirements are gross demand NOTE.—Averages of daily figures. Balances with F.R. Banks are as deposits minus cash items in process of collection and demand balances of close of business; all other items (excluding total reserves held and due£from domestic banks. excess reserves) are as of opening of business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

342 FEDERAL RESERVE BANKS MARCH 1964 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1964 1964 1963 Feb. 26 Feb. 19 Feb. 12 Feb. 5 Jan. 29 Feb. Jan. Feb. Assets 13,754 13,754 13,769 13,819 13,819 13,774 13,819 14,332 1,411 1,415 1,407 1,411 1,412 1,411 1,412 1,263 15,165 15,169 15,176 15,230 15,231 15,185 15,231 15,595 Cash 289 293 302 310 310 299 325 418 Discounts and advances: 574 73 381 393 301 570 332 179 Other 30 32 32 30 Acceptances: Bought outright . 62 62 64 64 66 64 68 54 Held under repurchase agreement 2 3 U.S. Govt. securities: Bought outright: Bills , 3,491 3,279 3,739 3,852 3,281 3,728 3,312 2,358 Certificates—Special Other 3,265 3,265 7,066 7,066 7,066 3,265 7,066 13,580 Notes 21,621 21,621 17,729 17,729 17,729 21,621 17,729 10 289 Bonds 4,555 4,555 4,645 4,645 4,645 4,555 4,645 4,164 32,932 32,720 33,179 33,292 32,721 33,169 32,752 30 391 Held under repurchase agreement 59 83 195 Total U.S. Govt. securities 32,932 32,720 33,238 33,375 32,721 33,169 32,752 30,586 33,568 32,855 33,685 33,865 33,120 33,803 33,184 30 849 Cash items in process of collection 5,301 6,286 5,580 5,400 5,303 5,010 4,832 5,416 102 102 102 103 104 102 103 104 Other assets: Denominated in foreign currencies 268 252 254 254 255 271 ^254 93 All other 258 239 378 356 338 264 C342 223 54,951 55,196 55,477 55,518 54,661 54,934 54,271 52,698 Liabilities F.R. notes 31,183 31,279 31,409 31,262 31,182 31,182 31,122 29,276 Deposits: Member bank reserves 17,015 16,589 16,761 17,479 16,696 17,146 16 983 16 850 825 944 942 635 847 1,024 791 841 135 141 137 137 130 155 136 192 Other 196 199 337 206 197 207 210 322 18,171 17,873 18,177 18,457 17,870 18,532 18,120 18,205 Deferred availability cash items 3,926 4,399 4,222 4,122 3,956 3,539 3 373 3 657 Other liabilities and accrued dividends 88 82 83 80 81 90 77 72 Total liabilities 53,368 53,633 53,891 53,921 53,089 53,343 52 692 51 210 Capital Accounts Capital paid in 507 505 504 504 501 507 501 474 990 990 990 990 990 990 990 934 Other capital accounts 86 68 92 103 81 94 88 80 Total liabilities and capital accounts 54,951 55,196 55,477 55,518 54,661 54,934 54,271 52,698 Contingent liability on acceptances purchased for 92 93 93 92 92 95 91 84 U.S. Govt. securities held in custody for foreign account 8,796 8,784 8,777 8,729 8,795 8,731 8,740 7,079 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank)... 33,621 33,681 33,774 33,844 33,952 33,606 33,879 31,324 Collateral held against notes outstanding: Gold certificate account 6,607 6,642 6,650 6,650 6,700 6,607 6,700 7,388 Eligible paper 53 13 16 21 39 54 68 11 U.S. Govt. securities 28,387 28,387 28,367 28,417 28,377 28,387 28,367 25,280 Total collateral. 35,047 35,042 35,033 35,088 35,116 35,048 35,135 I 32,679 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1964 FEDERAL RESERVE BANKS 343 STATEMENT OF CONDITION OF EACH BANK ON FEBRUARY 29, 1964 (In millions of dollars) Item Total Boston Y N o e r w k P p d h h e i l i l - a a- C l l a e n v d e- m Ri o c n h d - At t l a an- c C a h g i- o Lo S u t. is M ap i o n l n is e- K C s a i a t n s y - Dallas F c S i r s a a c n n o - Assets Gold certificate account 13,774 719 3,980 724 1,112 872 764 2,028 564 285 624 550 1,552 Redemption fund for F.R. notes 1,411 79 336 76 124 116 85 258 59 28 54 44 152 Total gold certificate reserves 15,185 798 4,316 800 1,236 988 849 2,286 623 313 678 594 1,704 F R. notes of other Banks 717 54 176 60 64 38 96 53 23 42 14 43 54 Other cash 299 21 70 15 22 21 24 36 13 10 12 11 44 Discounts and advances: Secured by U.S. Govt. securities. . . 570 5 130 11 8 63 41 73 7 1 36 43 152 Other Acceptances: Bought outright 64 64 Held under repurchase agreement.. U.S. Govt. securities: Bought outright 33,169 1,650 8,320 1,726 2,701 2,252 1,773 5,712 1,318 675 1,335 1,299 4,408 Held under repurchase agreement.. Total loans and securities 33,803 1,655 8,514 1,737 2,709 2,315 1,814 5,785 1,325 676 1,371 1,342 4,560 Cash items in process of collection. .. 6,287 447 1,228 359 476 471 474 1,068 276 176 343 361 608 Bank premises 102 3 8 3 6 5 17 22 6 4 6 12 10 Other assets: Denominated in foreign currencies . 271 13 174 15 25 13 15 38 9 6 12 15 36 All other 264 13 65 14 21 19 14 45 11 5 11 11 35 Total assets 56,928 3,004 14,451 3,003 4,559 3,870 3,303 9,333 2,286 1,232 2,447 2,389 7,051 Liabilities F R notes 31,899 1,868 7,739 1,854 2,722 2,614 1,826 5,756 1,299 582 1,223 952 3,464 Deposits: Member bank reserves 17,146 641 4,885 735 1,238 741 953 2,407 625 429 826 983 2,683 U.S. Treasurer—General account.. 1,024 50 304 37 44 49 40 121 73 42 63 62 139 Foreign 155 7 245 8 14 8 8 21 5 3 7 9 20 Other 207 * 144 2 3 1 2 * * 2 * 52 Total deposits 18,532 698 5,378 782 1,297 801 1,002 2,551 703 474 898 1,054 2,894 Deferred availability cash items 4,816 359 890 273 390 369 381 780 226 138 253 288 469 Other liabilities and accrued dividends. 90 4 23 5 7 5 4 16 4 2 4 4 12 Total liabilities 55,337 2,929 14,030 2,914 4,416 3,789 3,213 9,103 2,232 1,196 2,378 2,298 6,839 Capital Accounts Capital paid in 507 24 135 28 46 25 29 72 17 12 22 30 67 Surplus 990 47 264 55 90 49 56 140 34 23 43 57 132 Other capital accounts 94 4 22 6 7 7 5 18 3 1 4 4 13 Total liabilities and capital accounts.. 56,928 3,004 14,451 3,003 4,559 3,870 3,303 9,333 2,286 1,232 2,447 2,389 7,051 Ratio of gold certificate reserves to deposit and F.R note liabilities combined (per cent): Feb 29 1964 30.1 31.1 32.9 30.3 30.8 28.9 30.0 27.5 31.1 29.6 32.0 29.6 26.8 Jan 31 1964 30.4 30.0 30.3 30.4 29.4 31.9 30.1 30.3 28.9 32.3 32.6 30.3 30.2 Feb 28 1963 32.4 33.0 32.9 31.4 31.3 33.7 30.4 32.5 31.8 31.3 33.8 33.6 32.2 Contingent liability on acceptances purchased for foreign correspondents 95 4 328 5 9 5 5 13 3 2 4 5 12 Federal Reserve Notes—Federal Reserve Agent's Accounts F.R. notes outstanding (issued to Bank) 33,606 1,964 8,229 1,919 2,937 2,709 1,915 6,026 1,361 604 1,262 1,028 3,652 Collateral held against notes outstanding : Gold certificate account 6,607 423 1,650 425 500 605 340 ,100 250 112 272 180 750 Eligible paper 54 11 7 36 U.S. Govt. securities 28,387 "i,580 6,750 1,600 2,550 2,170 1,650 5,177 1,210 500 1,100 900 3,200 Total collateral 35,048 2,003 8,400 2,036 3,050 2,775 1,990 6,277 1,467 612 1,408 1,080 3,950 1 After deducting $197 million participations of other F.R. Banks. 3 After deducting $67 million participations of other F.R. Banks. 2 After deducting $110 million participations of other F.R. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

344 FEDERAL RESERVE BANKS; BANK DEBITS MARCH 1964 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1964 1964 1963 Feb. 26 Feb. 19 Feb. 12 Feb. 5 Jan.29 Feb. Jan. Feb. 574 73 381 423 333 570 364 209 Within 15 days 572 72 380 421 331 568 360 178 16 days to 90 days 2 1 1 2 2 2 4 31 Acceptances—Total 62 62 66 67 66 64 68 54 Within 15 days 21 15 13 15 14 20 13 17 16 days to 90 days . • • • • 41 47 53 52 52 44 55 37 U S Government securities—Total ... 32,932 32,720 33,238 33,375 32,721 33,169 32,752 30,586 Within 15 days 603 653 4,509 4,534 331 454 4,137 462 16 days to 90 days 8,079 7,892 1,996 2,103 5,944 8,371 2,153 4,681 91 days to 1 year 9,815 9,740 15,709 15714 15,422 9,909 15,438 12,485 Over 1 year to 5 years 12,149 12,149 8,669 8,669 8,669 12,149 8,669 10,687 Over 5 years to 10 years 2,067 2,067 2,136 ? 136 2,136 2,067 2,136 2,114 Over 10 years . . . 219 219 219 219 219 219 219 157 i Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalents) End of period Total P st o e u rl n in d g s B fr e a lg n i c a s n C d a o n l a l d ar ia s n F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e an g N u l e a i t n ld h d e e s r r s - f S ra w n i c ss s 1963—May 128 38 45 2 29 8 5 June 113 25 51 2 1 27 7 July 63 * 51 2 1 6 2 66 51 2 1 6 2 • Sept 96 33 51 2 1 6 7 25 Oct 115 3 51 2 1 2 51 4 * Nov 110 5 41 6 1 5 51 1 * BANK DEBITS AND DEPOSIT TURNOVER Debits to demand deposit accounts 1 Annual rate of turnover (billions of dollars) of demand depositsl Leading centers Leading centers All 337 other 337 other 343 Period reporting reporting reporting centers 4 centers New York 6 others 2 centers 3 New York 6others 2 centers 3 N.S.A. S.A N.S.A. S.A N.S.A. S.A. N.S.A S.A N.S.A. S.A. N.S.A. S.A. N.S.A. S.A N.S.A. 1955. 2,043.5 766.9 431.7 845.0 42.7 27.3 20.4 22.3 1956. 2,200.6 815.9 462.9 921.9 45.8 28.8 21.8 23.7 1957. 2,356.8 888.5 489.3 979.0 49.5 30.4 .... 23.0 25.1 1958. 2,439.8 958.7 487.4 993.6 53.6 30.0 22.9 24.9 1959. 2,679.2 1,023.6 545.3 1,110.3 56.4 32.5 24.5 26.7 1960. 2,838.8 1,102.9 577.6 1,158.3 60.0 34.8 25.7 28.2 1961. 3,111.1 1,278.8 622.7 1,209.6 70.0 36.9 26.2 29.0 1962. 3,436.4 1,415.8 701.7 1,318.9 77.8 41.2 27.7 31.3 1963. 3,754.7 1,556.0 775.7 1,423.0 84.8 44.6 29.0 33.1 1963—Feb 274.5 127.7 116.6 61 2 55.2 112.6 102.8 84.6 80.3 42.7 40.4 28 3 27.1 32.2 30.6 Mar.. 306.8 128.9 133.0 61 6 62.5 113.0 111.3 85.8 88.4 43.1 45.6 28 3 28.3 32.1 32.8 Apr.. 307.8 125.0 126.9 63 8 64.1 119.4 116.8 82.2 80.6 44.1 45.1 29 6 28.8 33.3 33.0 May. 318.0 129.8 133.1 62 1 64.4 117.1 120.6 85.0 85.2 43.1 43.9 29 1 29.5 33.2 33.3 June. 299.6 121.5 125.0 61 6 61.7 113.9 112.9 79.3 85.1 42.7 44.5 28 1 29.0 32.2 33.1 July.. 320.7 130.3 129.9 66 9 66.8 122.8 124.0 85.1 83.7 46.8 45.8 30 3 30.2 34.3 34.3 Aug.. 300.1 127.8 119.5 63 3 61.9 119.2 118.7 88.9 83.7 44.2 42.9 29 5 29.1 33.6 32.7 Sept.. 310.4 140.1 130.3 67 0 63.1 122.6 116.9 96.9 95.6 46.7 46.1 29 9 29.9 34.3 34. Oct... 337.2 133.7 136.9 69 4 71.3 123.6 128.9 87.2 86.5 48.4 47.6 30 1 30.2 34.9 34.7 Nov.. 296.6 125.4 116.7 67 3 63.8 120.0 116 1 80.7 804 46.0 45.3 29 0 29.4 33.6 33.6 Dec. 357.1 139.6 151.0 C69.7 74.6 123.7 1315 89.0 93.8 47.5 48.6 29.8 30.6 33.9 35.3 1964—Jan... '360.8 142.9 153.9 69 6 73.5 126.6 133 3 92.1 93 0 47.8 47.4 30.5 30.4 34.8 349 Feb.. 295.0 129.4 121.1 65 5 60.5 121.2 1133 86.2 81 8 *45.4 .9 .5 2 *>33.7 1 1 Excludes interbank and U.S. Govt. demand accounts or deposits. 3 Before Apr. 1955, 338 centers. 2 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los 4 Before Apr. 1955, 344 centers. Angeles. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1964 U.S. CURRENCY 345 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency End of period in circulation i Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955 31.158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2.736 5,641 307 438 3 12 1958 32,193 22,856 2,182 1.494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959 32 591 23,264 2,304 ,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 I960 32,869 23,521 2,427 1,533 88 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 1961 33,918 24,388 2,582 1,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 1962 35,338 25,356 2,782 1,636 97 2,375 7,071 11,395 9,983 2,990 6,448 240 293 3 10 1963—Jan 34,093 24,214 2,759 1,524 95 2,217 6,723 10,897 9,879 2,937 6,407 239 289 3 4 Feb 34,286 24,385 2,773 1,519 95 2,219 6,788 10,991 9,902 2,939 6,427 239 289 3 4 Mar 34,513 24,548 2,795 ,523 95 2,230 6,838 11,067 9,965 2,954 6,471 241 292 3 4 Apr 34 645 24,613 2,827 1,539 95 2,232 6,819 11,10210,032 2,975 6,516 242 291 3 4 May 35,067 24,953 2,850 1,562 96 2,266 6,932 11,24610,114 3,001 6,572 243 292 3 4 June 35,470 25,266 2,878 1,566 97 2,279 7,004 11,44210,204 3,030 6,631 244 293 3 4 July 35,663 25,368 2,904 1,559 97 2,265 6,993 11,549 10,295 3,060 6,691 244 293 3 4 Aus 35,850 25,487 2,926 1,558 98 2,271 7,026 11,609 10,363 3,075 6,743 244 293 3 4 Sept 35,891 25,468 2,947 1,576 98 2,282 7,001 11,56410,423 3,077 6,794 245 294 3 9 Oct 36,177 25,642 2,960 1,592 98 2,302 7,046 11,644 10,535 3,103 6,885 245 294 3 5 Nov 37,227 26,536 2.986 1,644 100 2,396 7,359 12,05010,691 3,155 6,988 247 295 3 4 Dec 37,692 26,807 3,030 .111 103 2,469 7,373 12,109 10,885 3,221 7,110 249 298 3 4 1964 Jan 36,247 25,500 3,021 1,599 101 2,287 6,958 11,533 10,747 3,157 7,043 247 294 3 4 1 Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin. overstated because they include small amounts of paper currency held by the Treasury and the Reserve Banks for which a denominational NOTE.—Condensed from Circulation Statement of United States breakdown is not available. Money, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation * Held by Total out- F.R. Kind of currency standing As security For Banks Jan. 31, against Treasury F.R. and Jan. 31, Dec. 31, Jan. 31, 1964 gold and cash Banks Agents 1964 1963 1963 silver and certificates Agents Gold 15,512 (15,231) 2 281 Gold certificates . (15 231) 3 12,414 2 8i6 F R notes 33,879 89 2,756 31,034 32,313 29,015 Treasury currency—Total 5,585 (1,971) 46 326 5,214 5,378 5,077 Standard silver dollars 485 * 28 3 455 452 387 Silver bullion 1,971 1,971 (1,971) 249 1,722 1,863 i,844 Subsidiary silver coin 1 904 15 31 1,859 1,872 1,716 Minor coin 713 2 3 708 706 656 United States notes . 347 1 39 306 321 303 In process of retirement 4 165 * 1 164 165 171 Total Jan 31 1964 5 54,976 (17,201) 416 12,414 5,898 36,247 Dec. 31, 1963 5 55,410 (17,236) 361 12,421 4,936 37,692 Jan 31 1963 5 53,093 (17,849) 406 12,844 5,750 34,093 1 Outside Treasury and F.R. Banks. Includes any paper currency held for other items; gold certificates are secured by gold, and silver certificates outside the United States and currency and coin held by banks. Estimated by standard silver dollars and monetized silver bullion. Duplications totals for Wed. dates shown in table on p. 337. are shown in parentheses. 2 Includes $156 million reserve against United States notes. 3 Consists of credits payable in gold certificates: (1) the Gold Certificate NOTE.—Condensed from Circulation Statement of United States Fund—Board of Governors, FRS, and (2) the Redemption Fund for F.R. Money issued by the Treasury. For explanation of currency reserves and notes. security features, see the Circulation Statement or the Aug. 1961 BULL., 4 Redeemable from the general fund of the Treasury. p. 936. 5 Does not include all items shown, as some items represent the security Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

346 MONEY SUPPLY MARCH 1964 MONEY SUPPLY AND RELATED DATA (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Period Time Time U.S. deposits deposits Govt. Total c C om ur p r o en n c e y nt co D d m e e m p p o o a s n n i e t d nt jus a te d d - l Total c C om ur p r o en n c e y nt co D d m e e m p p o o a n s n i e t d nt ju a st d e - d1 d d e e p m o a si n t d s1 1956 Dec 136.9 28.2 108.7 52.1 140.3 28.8 111 5 51 4 3.4 1957 Dec 135.9 28.3 107.5 57.5 28.9 110.4 56.7 3.5 1958 Dec 141.2 28.6 112.6 65.5 1447 29.2 115.5 64.6 3.9 1959 Dec • 142.0 28.9 113.2 67.4 145.6 29.5 116 1 66 6 4 9 1960 Dec 141.2 28.9 112.2 72.7 144.7 29.6 115 2 72 1 4 7 1961 Dec 145.7 29.6 116.1 82.5 149.4 30.2 119.2 81 8 4.9 1962 Dec 147.9 30.6 117.3 97.5 151 6 31.2 120.4 96.6 5.6 1963 Dec 153.5 32.4 121.1 111.8 157.4 33.1 124 3 110 8 5 1 1963 Feb 148.6 30.9 117.7 100.3 148.3 30.5 117 8 99 9 5 6 Mar 148.9 31.1 117.8 101.8 147.4 30.8 116.7 101 7 5.9 Apr 149.4 31.2 118.2 102.6 149.5 30.9 118 6 102 9 4 2 May 149.4 31.3 118.1 103.7 147.3 31.1 116 2 104 0 7 0 149.8 31.6 118.2 104 5 148.2 31.4 116 7 105 0 7 4 JUly 150.7 31.6 119.1 105.5 149.4 31.8 117 6 106 0 7 7 150.5 31.8 118.8 106.7 149.1 31.9 117.2 107 3 6.2 Sept 150.9 31.8 119.1 107.6 ISO 32.0 118.6 108 1 6.5 Oct 152.1 32.0 120.1 108.9 152.5 32.1 120 4 109 3 5 2 Nov 153.4 32.3 121.1 110.7 154.8 32.6 122 2 110 0 4.3 Dec 153.5 32.4 121.1 111.8 157.4 33.1 124.3 110 8 5.1 1964 Jan 154.8 32.5 122.3 113.7 158 0 32.4 125.6 112 9 4.1 Feb P 154.4 32.7 121.7 114.8 154.1 32.3 121 8 114 3 4 7 Half month 1963 Nov (1) 153.4 32.2 121.3 110.1 155 3 32.5 122.8 109 9 3.8 (2) 153.3 32.4 121.0 111.3 154.3 32.7 121.6 110.1 4.8 Dec (1) 153.5 32.5 121.0 111.6 156.7 33.2 123 6 110 6 4 0 (2) 153.5 32.3 121.2 111.9 158.0 33.0 124.9 110 9 6 1 1964 Jan (1) 155.2 32.5 122.7 113.0 158.8 32.7 126 2 112 4 5 3 (2) 154.4 32.6 121.8 114.3 157 ? 32.1 125.1 113 4 3.0 Feb (1) 154.6 32.7 121.9 114 4 155.7 32.4 123 3 114 1 3 8 (2)P 154.2 32.7 121.4 115.2 152.4 32.2 120.2 114.6 5.7 Not seasonally adjusted Not seasonally adjusted Money supply Money supply Week Time U.S. Week Time U.S. ending— deposits Govt. ending— deposits Govt. Currency Demand ad- demand Currency Demand ad- demand Total compo- deposit justed 1 deposits 1 Total compo- deposit justed ! deposits * nent compo- nent component nent 1962—Nov. 7 148.2 30.7 117.5 95.5 6.1 1963—Nov. 6 155.1 32.3 122.8 110.0 4.1 14.... 148.7 30.8 117.9 95.5 4.7 13 155.3 32.7 122.6 109.9 3.5 21 147.9 30.9 117.1 95.1 6.7 20 154.5 32. 121 9 109 9 4 6 28.... 147.8 30.7 117.1 95.3 6.5 27 153.9 32.6 121.3 110.1 4.8 Dec. 5 149.1 30.9 118.1 95.8 6.3 Dec. A 155.6 33.0 122.6 110.2 4.5 12.... 150.7 31.2 119.5 96.2 4.5 11 156.5 33.2 123.2 110.6 3.8 19 152.6 31.2 121.4 96.6 4.5 18 158.4 33.1 125.3 110.8 4.1 26 152.2 31.4 120.8 96.9 6.4 25 157.6 33.2 124.3 110.7 6.5 1963—Jan. 2 153.4 30.9 122.6 97.5 6.8 1964—Jan. 1 159.0 32.8 126.2 111.3 6.5 9 152.4 31.0 121.5 97.8 6.0 8 158.9 32.8 126.1 112.1 6.3 16 152.7 30.6 122.1 98.3 4.2 15 158.6 32.5 126.1 112.7 4.1 23 151.5 30.4 121.1 98.7 4.2 22 158.3 32.4 125.9 113.4 3.1 30 150.1 30.1 120.0 99.0 4.1 29 156.4 32.0 124.4 113.4 2.8 Feb. 6 150.3 30.5 119.9 99.3 4.8 Feb. 5 156.3 32.2 124.1 113.7 3.5 13 149.6 30.6 119.0 99.8 4.8 12 155.7 32.4 123.3 114.2 3.6 20 147.6 30.5 117.1 100.1 6.1 19 153.5 32.3 121.2 114.4 5.2 27 146.3 30.4 115.8 100.4 6.6 151.9 32.2 119.7 114.6 5.9 Mar. 6 147.4 30.7 116.7 100.8 6.4 Mar. A 152.6 32.3 120.4 114.9 5.6 13 148.0 30.9 117.2 101.4 4.5 11 20 ..148.4 30.8 117.7 101.8 4.9 18 i At all commercial banks. the U.S. Govt., less cash items in process of collection and F.R. float; (2) foreign demand balances at F.R. Banks; and (3) currency outside the NOTE.—Averages of daily figures. For back data see Aug. 1962 BULL., Treasury, the FRS, and the vaults of all commercial banks. Time pp. 941-51. Money supply consists of (1) demand deposits at all com- deposits adjusted are time deposits at all commercial banks other than mercial banks, other than those due to domestic commercial banks and those due to domestic commercial banks and the U.S. Govt, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1964 BANKS AND THE MONETARY SYSTEM 347 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, Gold T s r t o c e r u i a u n e n u r n a r g y c t d - - s y - - Total Lo n a e n t s, Tota U l . S. G m C o a e o v n r m c e d i r a - n l men R F t e e d s s e e e r c r v a u e l rities Other O s ri e t t c h ie u e s - r c l n T a i i a e n a p t o n i t b e i e t — d t t a i s a l l - l, c d a u e T n r p d o r o e t n s a i l c t y s C c m o a a n a u p n i c e s n i d - t c t t a . s l , savings Banks banks 1929—June 29.. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30.. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30.. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31.. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945_Dec. 31.. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31., 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30.. 22,706 4,636 171,667 160,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1960—Dec. 31.. 17,767 5,398 266,782 144,704 95,461 67,242 27,384 835 26,617 289,947 263,165 26,783 1961—Dec. 30., 16,889 5,585 285,992 154,017 102,308 72,715 28,881 712 29,667 308,466 280,397 28,070 1962—Dec. 28. 15,978 5,568 309,389 170,693 103,684 72,563 30,478 643 35,012 330,935 302,195 28,739 1963—Feb. 27. 15,900 5,600 307,100 168,900 102,600 71,500 30,500 600 35,600 328,500 298,500 30,100 Mar. 27. 15,900 5,600 309,100 170,300 102,500 71,300 30,600 600 36,300 330,500 300,600 29,900 Apr. 24. 15,900 5,600 309,600 171,200 101,500 70,300 30,500 700 36,900 331,100 301,100 29,900 May 29. 15,800 5,600 311,600 173,300 101,000 69,200 31,100 700 37,300 332,900 301,900 31,000 June 29. 15,733 5,587 318,697 178,290 102,418 69,708 32,027 683 37,989 340,017 310,284 29,732 July 31* 15,600 5,600 318,200 177,900 101,800 68,700 32,500 700 38,500 339,400 308,700 30,700 Aug. 28* 15,600 5,600 317,500 178,300 99,900 67,000 32,200 700 39,300 338,700 307,200 31,400 Sept. 25* 15,600 5,600 322,600 182,100 100,700 68,000 32,100 700 39,800 343,700 312,000 31,700 Oct. 30* 15,600 5,600 323,400 182,300 101,100 67,700 32,800 700 40,100 344,600 312,600 32,000 Nov. 27* 15,600 5,600 326,900 185,300 101,800 67,900 33,300 600 39,700 348,000 315,900 32,100 Dec. 25* 15,500 5,600 332,000 188,800 102,900 68,600 33,700 700 40,400 353,100 322,800 30,300 1964—Jan 29* 15,500 5,600 328,300 187,400 100,800 67,500 32,700 600 40,100 349,400 318,400 31,100 Feb. 26* 15,500 5,600 330,000 188,800 100,600 67,000 32,900 700 40,600 351,000 318,800 32,200 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted Not seasonally adjusted Time u. s.Government te For- At Cur- De- Cur- De- Postal eign Treas- comrency mand rency mand Com- Mutual Savings net 3 ury mer- At Total outside deposits Total outside deposits Total mercial savings Sys- cash cial F.R. banks jus a t d ed - 1 banks jus a t d ed - 1 banks banks 2 tem h i o n l g d s - sa a v n in d gs Banks banks 1929 June 29 26, 179 3,639 22,540 28,611 19,557 8,905 149 365 204 381 36 1933 June 30 19,172 761 14,411 21,656 10,849 9,621 1,186 50 264 852 35 1939 Dec. 30 36, 194 6'401 29,793 27,059 15,258 10 523 1 278 1 217 2 409 846 634 1941 _Dec! 31 48,607 9,615 38,992 27',729 15,884 10,532 1,313 1,498 2,215 1,895 867 1945 Dec. 31 102 341 26 490 75 851 48 452 30 135 15 385 2,932 2,141 2 287 24 608 977 1947—Dec. 31.... 110,500 26 100 84 400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1,682 1,336 1,452 870 1950—Dec. 30.... 114,600 24 600 90 000 117,670 25,398 92,272 59,247 36,314 20,009 2,923 2,518 1,293 2,989 668 1960—Dec. 31.... 139,200 28 200 111 000 144,458 29,356 115,102 108,468 71,380 36,318 770 3,184 377 6,193 485 1961—Dec. 30.... 144,800 28 700 116 100 150,578 30,053 120,525 121,216 82,145 38,420 651 1,497 422 6,219 465 1962—Dec. 28.... 147,600 29 600 118 000 153,162 30,904 122,258 139,448 97,440 41,478 530 1,488 405 7,090 602 1963 - Feb.27.... 147,100 30,200 116 900 146,400 29,800 116,500 142,900 100,500 41,900 500 1,200 500 6,700 800 Mar. 27 147,700 30,400 117 300 145,500 30, 100 115,400 145,100 102,200 42,400 500 1,200 400 7,600 900 Apr. 24.... 148,300 30,500 117 800 148,400 30,200 118,200 146,000 103,000 42,500 500 1,200 400 4,000 1,100 May 29.... 146 400 30 500 115 900 144,900 30,700 114,200 147,700 104,500 42,800 500 1,200 400 7,100 600 June 29.... 148 300 30 700 117 600 147,144 31,832 115,312 149,322 105,648 43,181 493 1,337 369 11,306 806 July 31*... 148 900 30 900 118 000 148,800 31,000 117.800 150,300 106,600 43,300 500 1,300 400 7,400 600 Aug.28*... 148 200 30 900 117 300 146,900 31, 100 115,800 151,600 107,600 43,500 500 1,200 400 6,100 1,000 Sept.25*... 149 100 31000 118,100 148,100 31, 100 117,000 152,300 108,100 43,700 500 1,200 400 9,100 900 Oct. 30*... 150 600 31 100 119 500 152,000 31,300 120,700 154,400 109,900 44,100 500 1,200 400 3,800 800 Nov.27*... 151 600 31 600 120,000 153,900 32,500 121,400 154,900 110,100 44,300 500 1,200 400 4,600 900 Dec. 25*... 152 600 31 600 121,000 157,400 32,900 124,500 155,800 110,800 44,600 500 1,200 400 7,000 900 1964—Jan. 29*... 151 700 31 800 119,900 153,800 31,400 122,400 159,000 113,500 45,100 400 1,200 400 3,100 800 Feb. 26*... 150 700 31,900 118,800 149 900 31 500 118,400 160,400 114,600 45,400 400 1,100 500 6,000 800 1 Other than interbank and U.S. Govt., less cash items in process of NOTE.—For back figures and descriptions of the consolidated condition collection. statement and the seasonally adjusted series on currency outside banks 2 Includes relatively small amounts of demand deposits. Beginning and demand deposits adjusted, see "Banks and the Monetary System," with June 1961, also includes certain accounts previously classified as Section 1 of Supplement to Banking and Monetary Statistics. 1962, and other liabilities. Jan. 1948 and Feb. 1960 BULLS. 3 Reclassification of deposits of foreign central banks in May 1961 Except on call dates, figures are partly estimated and are rounded to reduced this item by $1,900 million ($1,500 million to time deposits and the nearest $100 million. $400 million to demand deposits). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

348 COMMERCIAL AND MUTUAL SAVINGS BANKS MARCH 1964 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank Other lia- Bor- Total Num- Class of bank Cash bilities row- capital ber and date assets i and Demand ings ac- of Total Loans capital Total i counts banks U.S. ac- De- Time Time 3 Govt. Other counts2 mand U.S. Govt. Other All banks: 1941—Dec. 31 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479 23 8,414 14,,826 1945—Dec. 31 140,227 30,362101,288 8,577 35,415 177,332 165,612 14.065 105,935 45,613 22710,542 14,,553 1947_Dec. 31 4 134,924 43,002 81,199 10,723 38,388 175,091 161,86512,793 240 1,346 94,381 53,105 6611,94814,714 1961—Dec. 30 256,700154,318 72,715 29,667 57,368 321,394 287,17617,914 482 5,952 141,979120,848 482 26;227 13,946 1962—June 30 263,542 160,123 70,722 32,697 49,612 320,638 285,18614,400 526 9,559 128,845131,855 796 27,036 13,934 Dec. 28 280,397 172,822 72,563 35,012 54,939 343,201 303,65316,008 535 6,839 141,084 139,188 3,635 28046 13,940 1963—Feb. 27 278,850 171,800 71,450 35 600 48,410 335:, 030 29545014,140 520 6,440131670142,680 3,070 28,000 13,954 May 29 282,640 176,120 69,220 37300 47,720 338,250 29809013,730 540 6,820129^554400 147,460 3,060 28.380 13,983 June 29 287,411 179,714 69,708 37989 52,046 347^896 309,42815,042 55111,069 681149,083 1,563 28,612 13,993 July 31* 287,680 180,530 68,650 38500 49,170 344,990304,960 14,000 530 1,130133,250 150,050 2,960 28.550 14,014 Aug. 28* 287,450 181,150 67,010 39 290 46 190341620 300,86013,800 530 5,870129,330 151,330 3,240 28,690 14,025 Sept. 25* 292,200 184,470 67,970 39760 48,920 349 21O3O8;35O 14,510 550 8; 850132,380 152,060 2,930 28 830 14,034 Oct. 30* 293,410 185,690 67,670 40050 48,790 350390 308i ,90014,7"9"0 550 3,610135,760 154,190 3,690 29020 14,050 Nov. 27* 296,650 189,060 67,860 39 730 51 170 356 100 313,37014,880 550 4,390138,920 154,630 4,400 29 130 14,068 Dec. 25* 301,270 192,340 68,560 40;370 5i;910 361 ;620 319,540 15J340 550 ];790141,240155,620 3,950 29220 1'4 .'0 78— 1964—Jan. 29* 297,800 190.160 67.510 40.130 48,310 354,800 313.41014,060 610 2,840137.070158.830 3.200 29.51014,095 299,050191,480 66,990 40,580 48,680 356,390 314,030 13,930 630 5,750133,460 160,260 3,310 29,870 14,113 Feb. 26* Commercial banks: 50,746 21,714 21,808 7,22526,551 79,104 71,283 10 982 44,349 15,952 23 7,173 14,278 1941_Dec. 31 124,019 26,083 90,606 7,331 34.,806160,312150,227 14,065 105,921 30,241 219 8:950 14,011 1945—Dec. 31 116,284 38,057 69,221 9,006 37,502 155,377144,10312,792 240 1,343 94,367 35,360 6510,05914,181 1947—Dec. 31* 215,441 124,925 66,578.2..3.,.9.3.7 56,,432 278,561248,68917,914 481 5,946141,920 82,429 47122,45913,432 1961—Dec. 30 220,670129,193 64,443 27,034 48,728 276,2201245,29814,400 525 9,554128,785 92,034 786 23,18313,422 1962—June 30 235,839 140,106 66,434 29,29854;049 297,116 262,12216,008 535 6,829141,041 97,709 3,627 24,094 13,429 Dec. 28 1963—Feb. 27 233,620 138,410 65,270 29.940 47 540 288.210 253,47014,140 520 6,440131,610100,760 3,070 24r,,101013,443 May 29 236,490 141,750 63,010 31,730 46 880 290 510 255,28013,730 540 6,820129,480 104,710 3,060 24,,:36013,472 June 29 241,014 145,049 63,542 32.42351156 299.875266,17915,042 550 11,060 133,624105,903 1,545 24,582 13',482 July 31* 240,980145,560 62,480 32;940 48 340 296;710 261 65014,000 530 ,190106,800 2,960 24,,52013,503 Aug. 28* 240,380145,800 60,870 33i710 45 390 293.000 257;,34013,800 530 ,270107,870 3,240 24,,600 13,515 D S O N e e c o c p t . v . t . . 2 2 2 3 5 7 0 5 * * * * 2 2 2 2 5 4 4 4 3 4 5 8 , , , , 2 8 9 8 7 4 4 5 0 0 0 0 1 1 1 1 5 4 5 4 5 9 2 8 , , , , 7 7 7 8 2 2 6 7 0 0 0 0 6 6 6 6 1 2 1 1 , , , , 7 6 9 8 7 9 7 1 0 0 0 0 3 3 3 3 4 4 4 4 ; 4 8 1 1 5 6 2 6 0 0 0 0 4 5 4 5 7 0 8 0 , 0 9 9 3 8 7 7 4 0 0 0 0 3 3 3 3 0 1 0 0 6 1 1 0 ; ; , 2 7 8 3 4 7 5 4 0 0 0 0 2 2 2 2 7 6 6 6 4 4 9 4 ; ; ; , , , , 7 0 8 5 9 2 9 6 0 0 0 0 1 1 1 1 5 4 4 4 , , , , 3 7 5 8 9 4 1 8 0 0 0 0 5 5 5 5 5 5 5 5 0 0 0 0 1 1 i , , , , 3 7 8 6 9 9 5 1 0 0 0 0 1 1 1 1 4 3 3 3 1 8 5 2 , , 8 3 7 1 6 2 0 8 0 0 0 0 1 1 1 1 1 1 0 1 0 1 8 0 , , , , 3 0 3 1 4 3 3 4 0 0 0 0 4 2 3 3 , , , , 4 9 9 6 0 3 5 9 0 0 0 0 2 2 2 2 5 5 4 4 , , , , , , , , 1 i0 0 7 9 0 7 2 2 0 0 0 0 1 1 1 1 3 3 3 3 , , , ,5 5 5 5 6 5 2 4 9 8 4 0 1964-Jan. 29* 249,400 153,200 61,600 34.600 47.450 304,720 268.26014.060 610 2.840 137,010113,740 3.200 25.36013,586 Feb. 26* 250,190 154,140 61,000 35,050 47,780 305,790 268,57013,930 630 5,750133,400114,860 3,310 25,67013,604 Member banks: 1941_Dec. 31 43,521 18,021 19,539 5,961 23,123 68,121 61,71710,385 140 1,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31 107,183 22,775 78,338 6,070 29,845138,304129,67013,576 64 2.22,179 69,640 24,210 208 7,589 6,884 1947_Dec. 31 97,846 32,628 57,914 7,304 32,845132,060 '12"2,528 12,353 50 1,176 80,609 28,340 54 8,464 6,923 1961—Dec. 30 179,599106,232 54,058 19,308 49,579 ,63017,195 303 5,381 119,595 67,157 43818,638 6,113 1962—June 30 183,497109,212 52,065 22,219 42,853 232359 206,05713,796 351 8^734 108,014 75,162 73519,179 6,070 Dec. 28 195,698118,637 52,968 24,092 47,427 249488 219,46815,309 358 6,086 117,999 79,716 3,55019,854 6,049 1963—Feb. 27 193,694117,075 51,984 24.,635 41471241,407211,52513,501 347 5,667 109,730 82,280 3,03319,819 6,042 May 29 195,892119,515 50,023 26;,.3.54 41 009 243 246 213 13,146 361 018107,939 85,640 2,910 "20,082 6,052 June 29 199,495122,088 50,399 27,008 44929 251;214 222; 14,388 373 761111,548 86,550 1,440 20,238 6,058 July 31 199,412122,550 49,37127,491 388 248;396 218; 13,370 349 349110,997 87,311 2,849 20,213 6,072 Aug. 28 198,780 122,763 47,876 28,141 627 244,827 214; 13,172 355 148107,350 88,278 3,076 20,273 6,080 Sept. 25 202,599125,458 48,63328,508 42,211251 312 220; 13,837 371 936 109,959 88,627 2,836 20,377 6,092 Oct. 30 203,343 126,074 48,568 28,70141,895251 833 220, 14,083 377 112,702 90,159 3,55320,555 6,097 Nov. 27 205,816128,811 48,647 28358 44 276 256778 224; 14,171 376 812 115,516 90,440 244 20,606 6,104 Dec. 25 209,812 131,467 49,326 29 019 44;655 261239 229; 14,596 377 6,052117,469 91,024 779 20,669 6,108 1964—Jan. 29 206.179 129,103 48,344 28.732 41.480 254,644 223,40413,363 429 2.394113,823 93,395 3.07320.952 6,124 Feb. 26* 206,916 129,888 47,873 29,155 41,969 255,804 223,94013,275 448 5,044110,823 94,350 3,166 21,172 6,130 Mutual savings banks: 1941—Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 6 10,527 1,241 548 1945_Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 14 15,371 1,592 542 1947_Dec. 31 4 18,641 4,944 11,978 1,718 886 19,714 17,763 3 14 17,745 1,889 533 1961—Dec. 30 41,259 29,393 6,136 5,730 936 42,833 38,487 7 60 38,420 3,768 514 1962—June 30 42,872 30,930 6,278 5,663 884 44,418 39,888 6 60 39,821 3,853 512 Dec. 28 44,558 32,716 6,129 5,714 890 46,086 41,531 10 43 41,478 3,951 511 1963—Feb. 27 45,230 33,390 6,180 5,660 870 46,820 41,980 60 41,920 3,990 511 May 29 46,150 34,370 6,210 5,570 840 47,740 42,810 60 42,750 4,020 511 June 26 46,397 34,665 6,166 5,566 890 48,020 43,248 58 43,180 194,031 511 July 31* 46,700 34,970 6,170 5,560 830 48,280 43,310 60 43,250 4,030 511 Aug. 28* 47,070 35,350 6,140 5,580 800 48,620 43,520 60 43,460 4,090 510 Sept. 25* 47,360 35,600 6,160 5,600 840 48,960 43,790 60 43,730 4,110 510 Oct. 30* 47,470 35,970 5,900 5,600 820 49,050 44,110 60 44,050 4,100 510 Nov. 27* 47,800 36,300 5,890 5,610 800 49,360 44,350 60 44,290 4,130 510 Dec. 25* 48,000 36,620 5,870 5,510 970 49,750 44,650 60 44,590 4,150 509 1964—Jan 29* 48,400 36,960 5.910 5,530 860 50,080 45,150 60 45,090 4,150 509 Feb. 26* 48,860 37,340 5,990 5,530 900 50,600 45,460 60 45,400 4,200 509 For notes sec end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1964 COMMERCIAL AND MUTUAL SAVINGS BANKS 349 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans Securities a C ss a e s t h si c b T a i a l l o p i i n a t t i d i - a t e a l s l Totall Interbank 1 Dema O nc ther 1 ]B • in o o g w r s - - c c T a o a o p u c t i n - a ta t l s l b N a t n a n e f m r ks - G U o . v S t . . Other co a u c n - ts2 m D a e n - d Time U.S. Time Govt. Other Reserve city member banks: New York City:5 1 1 9 9 4 4 1 5 — D D e e c c . 3 3 1 1 2 1 6 28 1 9 4 6 3 4 7,3 0 3 7 4 2 r ', , 2 5 6 7 5 4 1 1 , , 5 2 5 3 9 5 6 6 , , 4 6 3 3 9 7 3 1 2 9 , ,8 88 6 7 2 3 1 0 7 , ,9 1 3 2 2 1 A A , , 2 6 0 4 2 0 1 6 7 6,9 8 4 6 0 6 1 1 7 2 , ,0 28 5 7 1 12 8 3 0 6 7 195 2 1 , ,6 1 4 2 8 0 3 3 7 6 1947 Dec 31 20 393 7,179 ,972 .,242 7,261 27,982 25,216 A,453 12 267 19,040 1445 30 2,259 37 1 1 9 9 6 6 1 2 — — D Ju e n c e 3 3 0 0 3 30 07 3 9 9 7 6 1 1 9 9 535 ', , 6 8 5 6 9 2 * -, , 9 5 0 1 0 3119 j5 16 5? 4 4 41 3 , , 9 53 10 8 3 35 6, 0 8 3 1 9 8 Al- , , 2 5 9 1 6 7 2 1 1 9 0 1 1 1 , , 7 9 6 1 7 8 ?0 ? 1 9 7 6 9 6 8 9 0 3 9 5 8 2 3 8 8 3 1 3 7 6 6 8 1 3 1 1 3 3 Dec 28 . . 32,989 21,954 *',017 A,01711,050 46,135 37,885 A^,783 207 1,408 22,231 9 256 1,728 3 898 17 1963 Feb 27 ,307 70,874 7,125 i1,303 43,563 35,044 A 209 1,068 000 9 770 I 6453904 16 May 29 37 115 70 886 5,478 i 9, 323 43,6?4 35,459 A,278 207 1,198 19?61? 10 164 t 2923 947 16 June 29. 32,847 21,446 t5,506 £ 9,802 44 981 37,454 A734 187 2,052 20,351 10 131 794 3 931 13 July 31 32451 71 416 ',941 4•^094 8,786 43,557 35,779 A,'092 189 1,453 686 10359 I 029 944 13 A Se u p g t 2 2 8 5 3 3 2 1 , , 9 9 5 4 7 7 2 2 1 2 , , 1 0 9 3 1 6 * > ',6 ,4 4 1 2 8 t5 5, , 2 3 7 3 9 8 7 8 , ,9 5 9 9 5 1 4 44 1, , 7 1 8 8 9 5 3 3 3 6 , , 8 3 0 6 9 1 2 '., , 9 8 9 0 1 4 2 1 0 9 2 4 2,0 9 7 3 8 7 1 1 9 8 , , 3 1 5 4 3 01 1 0 0 7 73 3 7 4 1 1, , 0 2 3 0 1 4 3 3 9 94 4 5 0 1 1 3 3 Oct. 30 32-860 71 765 5,926 t5,169 8 776 43 847 35 655 A^020 209 668 19 571 11 187 I 4383966 13 D N e o c v . 2 2 7 5 3 3 3 4 , , 6 8 1 1 5 1 2 2 3 3, , 6 1 4 0 8 3 I 5 5, , 0 6 7 3 7 4 I t K 5, 8 0 7 8 8 6 9 9 , , 2 0 5 6 9 1 4 4 5 6 ,2 0 0 8 0 0 3 3 6 7 , , 8 8 0 6 7 7 A A t U ,2 6 7 8 2 2 21 1 5 2 1,4 6 6 65 9 2 2 0 0 , , 2 5 0 3 1 7 1 1 1 14 47 5 8 7 1 1, , 5 4 9 8 9 0 3 39 9 7 6 1 6 1 1 3 3 1964 Jan. 29 33,651 77,965 5.691 IL995 8 864 44 91? 36,674 AK040 256 351 061 11966 I 2944 161 Feb. 26? 33,611 22,799 5,251 9,317 45,377 37,010 A,060 268 901 19,694 12087 1,320 4 184 13 City of Chicago:5 1941 Dec 31.. 2,760 954 1,430 376 1566 4 363 4,057 ,035 127 2,419 476 288 13 1945—Dec 31 5,931 1,333 4.213 385 1489 7 459 7,046 ,312 1,557 3,46? 719 377 1? 1947 Dec 31 5,088 1,801 >,890 397 1 739 6 866 6,402 ,217 72 4 201 913 426 14 1961 Dec 30.. 7 606 4,676 >,041 940 603 10383 9,?83 ,624 14 369 5 ?68 7 008 35 870 9 1962—June 30 7,937 4,67? ,936 1,329 1 893 10 009 8 810 18 546 4,5?0 598 34 894 9 Dec 28 8,957 5,418 >,129 1,409 2 280 11432 9,993 ,277 18 410 5 264 3 025 262 948 13 1963—Feb. 27 8 901 5,348 I 232 ,3?1 1982 1109? 9 594 194 15 309 4 87? 3 ?04 235 955 13 May 29 8 837 5,4?8 >,050 1,354 084 11 143 9.759 ,122 12 346 4 791 3 488 165 971 1? June 29 9,082 5,545 1,071 1,466 2 136 11440 10,141 ,202 16 584 4 840 3 499 111 974 12 July 31 9,171 5,574 >,096 1,501 2 109 11484 10,007 ,153 13 406 4 926 3 509 240 980 12 Aug. 28 8,965 5,566 1,825 1,574 1951 11097 9 638 ,165 12 ?89 4 616 3 556 252 979 1? Sept. 25 9,346 5,796 1,915 1,635 094 11 6?3 10036 ?09 12 583 4 669 3 563 327 983 1? Oct 30 .. 9 5 876 1,743 1,642 1 993 11 394 9 934 ,218 14 186 4 807 3 714 274 990 1? Nov 27 9,376 6,038 1,731 1,607 1 955 11 10 103 ,186 14 ?00 4 909 3 794 211 993 1? Dec. 25 9 66? 6,?76 1,699 1,687 074 11 936 10 441 1 ?19 14 398 5 01? 3 798 272 1000 1?, 1964 Jan 29 9,242 5,837 1,823 1,582 1 994 11437 9 977 1,075 15 100 4 839 3948 257 1002 12 Feb. 26*> 9,473 5,956 .867 1,600 0?3 11641 10,056 1,124 15 ?79 4 715 3973 370 1007 1? Other reserve city: 6 1941 Dec 31 15,347 7,105 6,467 1,776 8 518 24 430 22 313 t1,356 104 491 12557 4 806 967 351 1945—Dec 31 40,108 8,514 29,552 2,04211?86 51 898 49 085 (5,418 30 ?4 655 9 760 2 7 566 359 1947—Dec. 31 36 040 13,449 20,196 >2,39613 066 49 659 46 467 > 6?7 22 405 ?8 990 473 1 7 844 353 1961 Dec 30 68 565 47 379 19 748 5 438?0 90 815 81 883 IS,35O 62 ,103 44 986 ?6 381 81 6 997 706 1962—June 30 70,145 43,8?4 18,627 7,69417 60? 89 885 80 631 (S 6?? 75 q,670 40 601?9 663 240 7 701 ?06 Dec 28 73,130 46,567 18,398 3,165 19539 94 914 84 248 7,477 82 2,337 43 609 30 743 1,388 7 263 191 1963 Feb 27 72,315 46,412 17,564 8,33916884 91 380 81023 (5,660 75 .,276 40 29831 714 994 7 298 190 May 29 73 497 47,300 17,187 (5,010 16603 9? 36? 81 610 (5,275 91 ,387 39706 33 151 1 1317 413 19? June 29 74,614 48,164 17,326 <5,124 18526 95 433 85 555 <5,811 110 q,793 41 291 33 549 407 7 440 194 July 31 74,735 48,51? 16,930 (5,29317748 94 865 83987 <5,544 96 ,488 41 096 33 763 1,294 7 467 194 Aug 28 .. 74 716 48 897 16,440 <5,37916 665 93 658 8? 704 (5,612 98 ,077 39 867 34 105 1 2137 490 195 Sept. 25 75,875 49,757 16,539 (5,57917 478 95 675 84 554 (5,959 97 941 40 341 34 1,250 7 557 196 Oct. 30 76 1061 50,137 16,324 (5,65017 185 95 705 84 ?66 7,062 94 1,141 41 359 34 610 •1 5007 635 194 Nov. 27 76,776 50 699 16,472 <5,60518 887 98 069 85 891 <5 949 90 146? 4? 698 34 69? 2,102 7 653 195 Dec. 25 78,434 51,947 16,664 (5,82318 9?7 99 833 88 ?53 7,350 88 ,?88 43 474 35 053 1,427 7 703 191 1964 Jan 29 76,859 51,034 16,152 5,67316826 96 184 84938 5,512 98 813 41 439 36,076 1,146 7,773 Feb. 26*> 77,789 51,5?9 15.994 9,76617 193 96 845 85456 S,449 105 >,06? 40 ?34 36,606 1,095 7 814 189 Country member banks:6 1941—Dec 31 17 518 5,890 4.377 2,250 6 40? 19 466 17 415 792 30 10 109 6 758 4 1 987 6 719 1945—Dec. 31 35,007 5,596 26,999 2,408 1063? 46 059 43 418 1 ?07 17 5,465 ?4 ?35 1?,494 11 7,575 6,476 1947 Dec 31 36,324 10,199 22,857 3,26810,778 47,553 44 443 1,056 17 432 28 378 14,560 23 2,934 6,519 1961—Dec 30 73 ni 39 693 24,407 5.031 15595 90 376 81 646 1,9?5 37 1,641 46 711 31 837 40 7 088 5 885 1962—June 30 75,019 41,492 23,843 9,685 13,806 90,555 81 577 1,529 48 >,601 42 59634,803 80 7,323 5,842 Dec 28 80,623 44,698 25,425 10,50114,559 97,008 87 342 1,773 51 ,931 46 89536,692 172 7,744 5,828 1963—Feb. 27 80 176 44 441 25,063 10,672 n 480 95 37? 85 864 1 600 48 > 014 44 56037 64? 159 7 5,873 May 29 81448 45 901 24,308 11,239 1?999 96,117 86 ?76 1,471 51 > 08743 83038 837 322 7 751 5 837 June 29 87,95? 46,934 24,496 11,522 14465 99 361 89 470 1,641 60 \ 33? 45 06639,371 127 7 894 5 839 July 31 83 055 47 048 24,404 11,60313,745 98,490 88 603 1,581 51 >,007 45 789 39 680 286 7 877 5 853 Aug 28 83 157 47 109 24,193 11,850 n 4?0 98,783 88 15? 1,591 51 ,900 44 7?739 883 407 7 864 5 860 Sept. 25 84 471 47 869 24,537 12,015 13 644 99 8?9 89 779 1 678 60 >,334 45 59640,111 228 7 897 5,871 Oct 30 85 166 48 351 24,575 12,240 13,941100,887 90 6?0 1,783 60 ,159 4697040 648 341 7 964 5 878 Nov 27 86 049 48,971 24,810 12,26814,175101,988 91 514 1,764 60 ,485 47 70840 497 451 7 994 5 884 Dec. 25 86 905 49,596 24,886 12,42314 593 103 390 9? 957 1 859 60 897 48 44640 695 481 7,995 5,897 1964 Jan. 29 86,4?7 49 ?67 24,678 12.482 13 796 10? 111 91 815 1 736 60 130 47 48441,405 376 8 016 Feb. 26*> 86,593 49,604 24,451 12,538 13,436101,941 91,418 1,642 60 1,802 46,180 41,734 381 8,172 5,916 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

350 COMMERCIAL AND MUTUAL SAVINGS BANKS MARCH 1964 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans G U o S .S v e . t c . urit O ie t s her as C s a et s s h 1 c c b o T a i u a l a l o p i i n n c a t t i - d i t t a - e s a l s l 2 Total m I D n a e t n - e d rba T nk im * e U. D S e . ma O n t d her Time r B i o n o w g r s - - c c T a o a o p u c t i n - a ta t l s l N ba b o u n e f m r ks - Govt. Other Insured commercial banks: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,29815,699 10 6,84413,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,276 2299,876 215 8,67113,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,85112,615 54 1,325 92,975 34,882 61 9,734 "1,3398 1959—Dec. 31.. 188,790110,299 58,34820,143 49,158 242,828 218,47415,500 1,358 5,037130,720 65,858 602 19,206 13,107 I960—Dec. 31.. 198,011117,092 60,468 2200,451 51,836 255,669 228,40116,921 1,667 5,,'9932 132,533 71,348 149 20,62813,119 1961—Dec. 30.. 213,904124,348 66,026 23,531 56,086 276,600 247,17617,737 333 5,934141,050 82,122 462 22,08913,108 1962—Dec. 28.. 234,243139,449 65,89128,903 53,702 295,093 260,60915,844 402 66,881155140,169 97,380 584 23,71213,119 1963—June 29.. 239,447144,363 63,037 3322,047 50,770 297,836 264,65414,871 43011,005132,788 105,559 498 24,19113,189 National member banks: 1941—Dec. 31.. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 3,640 5,117 1945—Dec. 31.. 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,47316,224 4,644 5,017 1947_Dec. 31.. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,375 35 795 53,54119,278 5,409 5,005 1959—Dec. 31.. 102,615 59,962 31,76110,892 27,464 132,636 119,638 8,947 514 2,742 71,01536,421 34010,302 4,542 1960—Dec. 31.. 107,546 63,694 32,71211,140 28,675 139,261 124,911 9,829 611 3,265 71,660 3399,546 11111,098 4,530 1961—Dec. 30.. 116,402 67,309 36,08813,006 31,078 150,809 135,51110,359 104 3,315 76,292 45,441 22511,875 4,513 1962—Dec. 28.. 127,254 75,548 35,66316,042 29,684 160,657 142,825 9,155 127 3,735 76,075 53,733 1,63612,750 4,505 1963—June 29.. 130,146 78,383 34,01117,751 28,641 162,748 145,513 8,468 159 6,038 72,387 58,462 660000 13,008 4,537 State member banks: 1941—Dec. 31.. 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 1 2,246 1,502 1945—Dec. 31.. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31.. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1959—Dec. 31.. 55,264 34,817 15,052 5,396 16,045 73,090 65,069 6,102 825 1,763 39,974 16,406 240 5,962 1,691 1960—Dec. 31.. 58,073 36,240 16,394 5,439 17,081 77,316 68,118 6,608 1,028 2,022 40,733 17,727 20 6,299 1,644 1961—Dec. 30.. 63,196 38,924 17,971 6,302 18,501 84,303 74,119 6,835 199 2,066 43,303 2211,716 213 6,763 1,600 1962—Dec. 28.. 68,444 43,089 17,305 8,050 17,744 88,831 76,643 6,154 231 2,351 41,,924 25,983 1,914 7,104 1,544 1963—June 29.. 69,350 43,705 16,388 9,257 16,288 88,466 77,106 5,920 215 3,723 39,16128,088 839 7,230 1,521 Insured nonmember commercial banks: 1941—Dec. 31.. 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 959 6,810 1945—Dec. 31.. 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 1,083 6,416 1947—Dec. 31.. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 4 149 12,366 6,558 1,271 6,478 1959—Dec. 31.. 30,939 15,534 11,546 3,859 5,651 37,132 33,795 451 533 19,73213,059 2,944 6,878 I960—Dec. 31.. 32,411 17,169 11,368 3,874 6,082 39,114 35,391 484 645 20,140 1144,095 3,232 6,948 1961—Dec. 30.. 34,320 18,123 11,972 4,225 6,508 41,504 37,560 543 553 21,456 14,979 3,452 6,997 1962—Dec. 28.. 38,557 20,811 12,932 4,814 6,276 45,619 41,142 535 729 22,17017,664 3,870 7,072 1963—June 29.. 39,963 22,274 12,647 5,042 5,841 46,635 42,035 483 1,245 21,24119,010 3,964 7,133 Noninsured nonmember commercial banks: 1941—Dec. 31.. 1,457 455 761 241 763 2,283 1,872 329 1,291 253 329 852 1945—Dec. 31.. 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947—Dec. 31 4 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 325 783 1959—Dec. 31.. 1,480 534 589 358 309 1,858 1,429 150 83 873 311 350 366 I960—Dec. 31.. 1,498 550 535 413 314 1,883 1,443 159 132 846 293 358 352 1961—Dec. 30.. 1,536 577 553 406 346 1,961 1,513 177 148 869 307 370 323 1962—Dec. 28.. 1,584 657 534 392 346 2,009 1,513 164 133 872 330 371 308 1963—June 29.. 1,555 686 496 373 386 2,026 1,525 171 120 835 343 379 291 Nonmember commercial banks: 1941—Dec. 31.. 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 18 1,288 7,662 1945—Dec. 31.. 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 11 1,362 7,130 1947_Dec. 31 4 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 12 1,596 7,261 1959—Dec. 31.. 32,419 16,068 12,134 4,216 5,961 38,990 35,224 601 103 545 20,60513,370 34 3,294 7,244 1960—Dec. 31.. 33,910 17,719 11,904 4,287 6,396 40,997 36,834 643 160 657 20,98614,388 33 3,590 7,300 1961—Dec. 30.. 35,856 18,700 12,525 4,631 6,854 43,465 39,073 719 178 565 22,32515,286 33 3,822 7,320 1962—Dec. 28.. 40,141 21,469 13,466 5,206 6,622 47,628 42,654 699 176 743 23,04217,994 77 4,240 7,380 1963—June 29.. 41,519 22,961 13,143 5,415 6,227 48,661 43,560 654 177 1,300 22,07619,353 105 4,343 7,424 Insured mutual savings banks: 1941—Dec. 31.. 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945—Dec. 31.. 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1,034 192 1947—Dec. 31.. 12,683 3,560 8,165 958 675 13,499 12,207 1212,192 1,252 194 1959—Dec. 31.. 30,580 20,942 5,016 4,622 686 31,743 28,577 28 28,,544 2,654 268 I960—Dec. 31.. 33,794 23,852 4,787 5,155 766 35,092 31,502 2931,468 2,998 325 1961—Dec. 30.. 35,660 25,812 4,690 5,158 828 37,065 33,400 256 33,137 3,191 330 1962—Dec. 28.. 38,597 28,778 4,639 5,180 784 39,951 36,104 26735,827 3,343 331 1963—June 29.. 40,128 30,533 4,545 5,050 789 41,580 37,585 30337,273 3,414 331 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1964 COMMERCIAL AND MUTUAL SAVINGS BANKS 351 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans G U o S .S v e . t c . urit O ie t s her a C ss a e s t h s1 c c b o T a i a l u a l o p i i n c a n t t i - d i t a - t e a l s s l - Total i m D I a n e n t - e d rba T n i k m 1 e U.S D . ema O n t d her Time r B i o n o w g r s - - c c T a o a o p u c t i - n a ta t l s l b N a b u o n e f m k r s - Govt. Other Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 3,075 1,353 642 9,846 8,744 8,738 1,077 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 5,020 558 350 1947—Dec. 314 5,957 1,384 3,813 760 211 6,215 5,556 5,553 637 339 1959—Dec. 31 6,981 4,184 1,848 949 143 7,200 6,405 6,404 705 249 I960—Dec. 31 5,320 3,270 1,453 597 107 5,481 4,850 4,850 555j 189 1961_Dec. 30 5,600 3,581 1,446 572 108 5,768 5,087 5,083 577 184 1962—Dec. 28 5,961 3,938 1,490 533 106 6,134 5,427 5,420 608 180 1963—June 29 6,269 4,132 1,621 516 101 6,440 5,663 5,645 617 180 1 Reciprocal balances excluded beginning with 1942. Reclassification NOTE.—Data are for all commercial and mutual savings banks in the of deposits of foreign central banks in May 1961 reduced interbank United States (including Alaska and Hawaii, beginning with 1959). deposits by a total of $1,900 million ($1,500 million time to other time Commercial banks include all nonmember and member commercial and $400 million demand to other demand). banks; stock savings banks and nondeposit trust cos. are included with 2 Includes other assets and liabilities not shown separately. commercial banks. Member banks include 1 national bank in the 3 See note 2 on p. 347. Virgin Islands that became a member in May 1957, 2 noninsured non- 4 Beginning with Dec. 31, 1947, the series was revised. A net of 115 deposit trust cos. and, before July 1962, mutual savings banks that noninsured nonmenber commercial banks with total loans and invest- became members of the FRS during 1941 (3 before Jan. 1960, 2 until ments of about $110 million were added, and 8 banks with total loans June 1961, and 1 until July 1962; these banks were excluded from comand investments of $34 million were transferred from noninsured mutual mercial banks). savings to nonmember commercial banks. Comparability of figures for classes of banks is affected somewhat 5 These data reflect the reclassification of New York City and city of by changes in F.R. membership, deposit insurance status, and the reserve Chicago as reserve cities effective July 28, 1962. For details see Aug. classifications of cities and individual banks, and by mergers, etc. 1962 BULL., p. 993. Figures are partly estimated except on call dates. 6 Beginning with June 1963, 3 New York City banks with loans and For revisions in series before June 30, 1947, see July 1947 BULL. investments of $392 million and total deposits of $441 million were pp. 870-71. reclassified as country banks. Also see note 6, Oct. 1962 BULL., p. 1315. LOANS AND INVESTMENTS AT COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Period Securities Securities Total i Loans1 Total1 Loans1 U.S. U.S. Govt. Other Govt. Other 1957 166.4 91.4 57.0 17.9 169.3 93.2 58.2 17.9 1958 181.0 95.6 64.9 20.5 184.4 97.5 66.4 20.6 1959 185.7 107.8 57.6 20.4 189.5 110.0 58.9 20.5 1960 194.5 114.2 59.6 20.7 198.5 116.7 61.0 20.9 1961 209.6 121.1 64.7 23.8 214.4 123.9 66.6 23.9 1962 2 228.1 134.7 64.3 29.1 233.6 137.9 66.4 29.3 1963 2 246.3 150.6 60.8 34.9 252.2 154.2 62.9 35.1 1963—Feb.. . 232.3 136.8 65.4 30.1 230.4 135.2 65.3 29.9 Mar... 235.0 137.8 66.7 30.5 231.9 136.4 64.8 30.7 Apr... 232.5 137.4 63.9 31.2 232.3 136.9 64.0 31.4 May.. 234.8 138.9 64.2 31.7 233.6 138.9 63.0 31.7 June.. 240.3 141.8 66.0 32.5 239.1 143.1 63.5 32.4 July?. 237.8 142.4 62.4 33.0 237.8 142.4 62.5 32.9 Aug.p. 238.5 142.5 62.1 33.9 237.1 142.5 60.8 33.7 Sept.*\ 240.7 145.0 61.7 34.0 241.9 146.0 61.8 34.2 Oct.?. 241.0 146.3 60.2 34.5 242.4 146.2 61.8 34.5 Nov.*3 244.0 148.8 60.8 34.4 245.0 148.9 62.0 34.1 Dec.2 246.3 150.6 60.8 34.9 252.2 154.2 62.9 35.1 1964—Jan.p. 245.8 151.3 59.8 34.7 246.0 149.8 61.6 34.6 249.0 152.7 61.0 35.3 247.0 150.9 61.0 35.1 1 Adjusted to exclude interbank loans. NOTE.—Data are for last Wed. of month (except for June 30 and 2 Data are estimates or Dec. 31. Dec. 31 call dates). For description of seasonally adjusted series and back data, see July 1962 BULL., pp. 797-802. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

352 COMMERCIAL BANKS MARCH 1964 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Loans J Investments For To purchasing financial U.S. Government b c C a a l n l a l k s d s a a o n te f d l i m o T n a a v o e n n e n t d s a s t t l s 1 - Total 2 C m d t a c i r o u i n n i e a m s a d - r l - l - - A c tu u a g r l l r - - i- o b k d a T s r r e e n e o o r a d c c - s l a u - r r o r i y t t T i h i e n o e s g rs b i a T n n o s k ti s tut o io t T h n o e s rs R t e a e s t - a e l O u v i d t t a i n o h i d l - - e s - r Other Total Bills sec c C t u a i e f r t i e i r - t - s ies Notes Bonds s S g r l a o i e o t t n c c a i v e d u a t t e s l - . O s r e i t t h c i e e u r s ers Total: 2 1947—Dec. 31..116,284 38,057 18,,1671,660 830 1,220 115 9,393 5,723 947 69,221 2,193 7,789 6.,034 53,2055,276 3,729 1961—Dec. 30..215,441124,925 45,172 6,248 4,056 2,134 1,033 7,311 30,320 27,847 3,412 66,578 11,488 2,114 26,336 26,64120,345 3,592 1962—Dec. 28..235,839 140,,106 48 673 7,097 5,1442,131 2,578 8,459 34,259 30,553 3,909 66,434 11,674 3,932 23,841 2266, 9"8"7 24755 4,543 1963—Mar. 18 e.235,550 140,380 48 710 7,460 4,480 2,130 3,120 8,050 34,920 30,720 3,780 64,820 10,570 3,230 23,830 2277,190 26070 4,280 June 29..241,014 145,049 49,862 7,5414,645 2,233 1,934 8,649 36,725 32,661 3,812 63,542 9,128 3,216 23 27,378 27817 4,606 All insured: 1941—Dec. 31.. 49,290 21,259 9,214 1,450, 614 662 40 4,773 4,505 21,046 988 3,15916,899 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 11,,331144 3,164 3,606 49 4,677 2,361 1,132 8888,912 2,45519,07116,045 "5,1342 3,—873 "3,258 1947—Dec. 31.. 114,274 37,58318,012 1,610 8231,190 114 9,266 5,654 914 67,941 2,124 7,552 5,918 52,347 5,129 3,621 1961—Dec. 30.. 213,904 124,348 44,965 6,211 4,030 2,107 1,027 7,296 30,211 27,708 3,396 66,02611,356 2,098 26,145 26,426 20i,068 3,462 1962—Dec. 28.. 234,243 139,449 48,458 7,060 5,119 2,103 2,551 8,434 34,123 30,402 3,890 65,891 li;5143,916 23,715 26,746 24,547 4,356 1963—Mar 18.. 233,975 139,731 48,499 7,417 4,459 2,105 3,098 8,022 34,781 30,568 3,763 64,290 10,4193,215 23,703 26,953 25,860 4,093 June 29.. 239,447 144,363 49,660 7,513 4,615 2,203 1,902 8,620 36,558 32,506 3,793 63,037 9,0023,203 23,741 27,092 27,573 4,475 Member, total: 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,00715,561 3,090 2,871 1945—Dec. 31.. 107,183 22,775 8,949 885555 3,1333,378 47 3,455 1,900 1,057 7788,338 2,27516,98514,27144,807 3,254 2,815 1947—Dec. 31.. 97,846 32,62816,9621,0~4"6 811 1,065 113 7,130 4,662 839 57,914 1,987 5,816 4,815 4'5",295 4,199 3,105 1961—Dec. 30.. 179,599 106,232 40,9313,934 3,877 1,827 1,014 6,893 23,987 22,852 3,198 54,0589,229 1,842 21,390 21,59816,,6 912,617 1962—Dec. 28.. 195,698118,637 43,843 4,419 4|9541,777 2,445 7,936 27,162 24,799 3,657 52.9688,862 19,443 21,414 20,773 3,319 1963—June 29.. 199,495122,088 44,701 44,,666644 44. 4"3"6" 1.880 1.844 8.134 29.127 26,366 3.557 50,3996.863 2160819.423 21505 23,533 3.475 Dec. 20.. 210,127 131,712 47,403 4,659 5,1242,136 3,439 8,875 31,009 27,908 3,765 49,3428,032 1,30718,072 21932 25,210 3,864 New York City:* 1941—Dec. 31.. 12,896 4,072 2,807 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945—Dec. 31.. 26,143 7,334 3,044 2,453 1,172 26 80 287 27217,574 477 3,433 3,32510,339 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 267 93 111 564 23811,972 1,002 640 558 9,772 638 604 1961—Dec. 30.. 30,297 19,53511,278 231,956 467 376 1,711 934 2,072 1,220 7,862 2,117 442 2,496 2,806 2,635 265 1962—Dec. 28.. 32,989 21,95411,943 17 2,766 425 572 2,087 1,329 2,143 1,1967,017 1,998 508 2,488 2,023 3,585 432 1963—June 29.. 32,847 21,44611,630 13 2,308 448 546 2.044 1.845 2.161 .034 6.506 1,639 240 2.508 2.118 4.451 444 Dec. 20.. 34,827 23,57712,332 26 2,677 569 1,007 2,247 1,968 2,2571,068 6,154 1,711 147 2,341 1,955 4,653 442 City of Chicago:* 1941—Dec. 31.. 2,760 954 732 48 52 22 95 1,430 256 153 1,022 182 193 1945—Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,213 133 1,467 749 1,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 2,890 132 235 248 2,274 213 185 1961—Dec. 30.. 7,606 4,626 2,609 354 137 53 669 221 476 229 2,041 478 92 728 743 816 124 1962—Dec. 28.. 8,957 5,418 2,941 407 152 89 703 362 523 369 2,129 377 115 849 788 1,242 168 1963—June 29.. 9,082 5,545 3,051 358 176 135 741 393 555 288 2.071 426 71 782 791 1,226 240 Dec. 20.. 9,615 6,220 3,378 497 181 242 751 401 594 318 1,705 347 42 599 717 1,361 329 Other reserve city:* 1941—Dec. 31.. 15,347 7,105 3,456 300 114 194 4 1,527 1,508 6,467 295 751 5,421 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 4271,503 17 1,459 855 387 29,552 1,034 6,982 5,65315,883 1,126 916 1947—Dec. 31.. 36,040 13,449 7,088 225 170 484 15 3,147 1,969 35120,196 373 2,358 1,90115,563 1,342 1,053 1961—Dec. 30.. 68,565 42,37916,879 1. ,0..7.6. 976 784 470 3,261 9,590 9,172 99819,748 3,020 741 8,605 7,382 5,710 727 1962—Dec. 28.. 73,130 46,56717,660 1,179 1,053 752 1,020 3,58311,030 9,860 1,,226666 1188,398 2,343 1,403 7,257 7,395 7,252 913 1963—June 29.. 74,614 48,164 1177,805 ,2451,090 786 751 3,88611,68310, ,38017.326 1.685 1,191 7,281 7,168 8,163 961 Dec. 20.. 78,370 51,891 18,862 ,219 1,243 891 1,224 4,286 12,52511,106 1,462 16,686 2,152 545 6,600 7,390 8,810 981 Country: 1941—Dec. 31..12,518 5,890 1,676 659 20 183 2 1,823 1,528 4,377 110 481 3,787 1,,222 1,028 1945—Dec. 31..35,002 5,596 1,484 648 42 471 4 1,881 707 359 26,999 630 5,102 4,544 16,722 1,342 1,067 1947—Dec. 31..36,324 10,199 3,096 818 23 227 5 3,827 1,979 224 22,857 480 2,583 2,108 1'"7,687 2,006 1,262 1961—Dec. 30..73,131 39,69310,165 2,811 591 438 116 1,251 13,24211,132 751 24,407 3,614 566 9,56010,667 7,5530 1,500 1962—Dec 28., 80,623 44,698 11,299 3,187 728 447 764 1,563 14,44112,273 826 25,425 4,144 1,223 8,84911,209 8,69944 11,807 1963—June 29..82,952 46.934 12:215 3,378 680 469 412 1,463 15,20613,186 856 24.496 3.112 1,106 8,851 11,427 9,6921,830 Dec. 20.. 87,316 50,023 12,8313,374 708 496 966 1,591 16,11413,951 917 24,797 3,822 573 8,531 11,871 ,111 Nonmember: 1947—Dec. 31..18,454 5,432 1,205 614 20 156 2 2,266 1,061 109 11,318 206 1,973 1,219 7,920 1,078 625 1961—Dec. 30..35,856 18,700 4,2412,314 179 306 19 418 6,341 4,995 214 12,525 2,259 272 4,947 5,046 3,655 976 1962—Dec. 28..40,141 21,469 4,883300 2,678 190 354 132 523 7,097 5,754 252 13,466 2,812 683 4,398 5,573 3,9821,224 1963—June 29..41,519 22,961 5,1612,877 209 354 90 515 7,598 6,295 254 13,143 2,265 608 4,398 5,873 4,2841,131 i Beginning with June 30, 1948, figures for various loan items are 2 Breakdowns of loan, investment, and deposit classifications are not shown gross (i.e., before deduction of valuation reserves); they do not available before 1947; summary figures for earlier dates appear in the add to the total and are not entirely comparable with prior figures. Total preceding table. loans continue to be shown net. 3 New York City and city of Chicago were central reserve city basks before July 28, 1962; reserve city banks thereafter. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1964 COMMERCIAL BANKS 353 RESERVES AND LIABILITIES BY CLASS OF BANK [In millions of dollars] Demand deposits Time deposits b c C a a l n l a l k s d s a a o n te f d B s F w e R a . r i n v e t R - k h e . s s r C c e a o n n u i c d r n - y b m a a w B n d e n a o c i s k t l e - t h - s i s c 4 j m p u D o s a d a t d s e e e n i - - - d t d s 5 m D e I s n o t - t i e c4 rba e F n ig k o n r- 6 G U o .S vt . . S g l a o o t n c a v d a t t e l . c C h c o f a e e e i f n e c f r r d i t d s k - i ' s - , IPC I b n a t n e k r- P G U S i o a n o a n s . g S v v t d s a - . t l . g S l a o o t n c a v d a t t e l . IPC r B i o n o w g r s - - C t a a p l ietc. Total -.2 1947—Dec. 31... 17,796 2,216 10,216 87,123 11,362 ,430 1,343 6,799 2,581 84,987 240 111 866 34,383 6510,059 1961—Dec. 30... 16,918 3,689 14,169122,654 16,574 ,340 5,946 12,242 5,056 124,622 481 283 5,465 76,680 47122,459 1962—Dec. 28... 17,680 4,252 13,099124,342 14,713 ,295 6,829 12,071 4,511 124,459 535 269 6,450 90,991 627 24,094 1963—Mar. 18e.. 16,100 3,920 12,630118,930 14,120 ,150 5,400 11,720 4,340 117,480 460 270 7,150 94,610 2;990 24,140 June 29... 16,529 3,483 12,579117,419 13,749 ,29411,060 12,396 4,502 116,726 550 254 7,466 98,183 545 24,582 All insured: 1941—Dec. 31... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31... 15,810 1,829 11,075 74,722 12,566 ,224488 2133,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31... 17,796 2,145 9,736 85,751 11,236 ,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1961—Dec. 30... 16,918 3,670 13,871121,671 16,440 ,298 5,934 12,149 5,023 123,878 333 283 5,412 76,426 462 22,089 1962—Dec. 28... 17,680 4,232 12,795123,361 14,579 ,265 6,815 11,991 4,434 123,744 402 269 6,397 90,714 3584 23,712 1963—Mar. 18... 16,098 3,906 12,162118,014 14,021 ,138 5,391 11,636 4,284 116,825 422 267 7,091 94,320 2;995533 2233,784 June 29... 16,529 3,468 12,237116,471 13,607 ,26411,005 12,300 4,421 116,067 430 254 7,412 97,8931,498 24,191 Member, total: 1941—Dec. 31... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31... 15,811 1,438 7,117 64,184 12,333 1,243 2122,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1961—Dec. 30... 16,918 2,813 8,724100,660 15,924 1,270 5,381 9,487 4,654 105,454 303 260 4,371 62,526 43818,638 1962—Dec. 28... 17,680 3,263 7,897 101,528 14,071 1,237 6,086 9,270 4,083 104,646 358 243 5,158 74,316 3,55019,854 1963—June 29... 16,529 2,644 7,690 95,637 13,146 1,242 9,761 9,535 4,060 97,953 373 228 5,999 80,3221,440 20,238 Dec. 20... 17,150 3,131 7,359 102,816 13,378 1,140 5,986 9,376 4,055 104,130 382 240 6,364 84,326 3,499 21,054 New York City:* 1941—Dec. 31... 5,105 93 141 10,761 3,595 607 319 450 11,282 29 778 1,648 1945—Dec. 31... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 20 1,206 195 2,120 1947—Dec. 31... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 14 1,418 30 2,259 1961—Dec. 30... 3,286 240 143 17,089 4,330 967 1,267 333 2,583 20,213 191 162 6,735 283 3,683 1962—Dec. 28... 4,121 251 156 17,095 3,854 929 1,408 366 2,237 19,628 207 266 8,9371,728 3,898 1963—June 29... 3,439 191 121 15,669 3,802 932 2,052 357 2,172 17,822 187 326 9,746 794 3,931 Dec. 20... 3,625 264 96 16,763 3,487 801 1,419 368 2,119 18,473 214 449 10,920 ,438 3,984 City of Chicago :3 1941—Dec. 31... 1,021 298 2,215 1,027 127 233 34 2,152 476 288 1945—Dec. 31... 942 200 3,153 1,292 1,552 237 66 3,160 719 377 1947—Dec. 31... 1,070 175 3,737 1,196 72 285 63 3,853 902 426 1961—Dec. 30... 889 158 3,809 1,578 369 315 124 4,830 1,996 35 870 1962—Dec. 28... 1,071 99 4,262 1,235 410 351 109 4,804 16 3,001 262 948 1963—June 29... 974 154 3,941 1,155 584 373 112 4,355 130 3,363 111 974 Dec. 20... 1,019 98 4,144 1,169 395 275 112 4,500 185 3,595 255 996 Other reserve city:3 1941—Dec. 31... 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1961—Dec. 30... 7,533 858 2,542 36,187 8,107 243 2,103 3,520 1,152 40,315 62 110 2,310 23,962 81 6,997 1962—Dec. 28... 7,671 1,021 2,253 35,481 7,229 248 2,337 3,216 980 39,413 82 83 2,633 28,0271,388 7,263 1963—June 29... 7,183 815 2,234 33,502 6,572 239 3,793 3,195 1,021 37,075 110 70 2,913 30,567 407 7,440 Dec. 20... 7,587 935 2,105 35,859 6,958 267 2,212 3,144 1,034 39,281 95 72 2,950 31,982 ,416 7,697 Country: 1941—Dec. 31... 2,210 526 3,216 9,661 790 225 1,370 239 8,500 31 146 6,082 4 1,982 1945—Dec. 31... 4,527 796 4,665 23,595 1,199 5,465 2,004 435 21,797 52 219 12,224 11 2,525 1947—Dec. 31... 4,993 929 3,900 27,424 1,049 432 2,647 528 25,203 45 337 14,177 23 2,934 1961—Dec. 30... 5,210 1,678 5,881 43,575 1,910 1,641 796 40,095 108 1,891 29,834 40 7,088 1962—Dec. 28... 4,817 1,947 5,389 44,689 1,753 1,931 756 40,801 100 2,242 34,350 172 7,744 1963—June 29... 4,933 1,599 5,182 42,524 1,617 3,332 755 38,700 94 2,631 36,647 127 7,894 Dec. 20... 4,919 1,884 5,060 46,049 1,764 1,960 790 41,877 86 2,778 37,829 390 8,377 Nonmember:2 1947—Dec. 31. 544 3,947 13,595 385 167 1,295 180 12,284 190 172 6,858 12 1,596 1961—Dec. 30. 876 5,446 21,994 649 565 2,755 402 19,168 178 1,094 14,169 33 3,822 1962—Dec. 28. 989 5,202 22,814 642 743 2,802 428 19,813 176 1,292 16,675 77 4,240 1963—June 29. 840 4,r~ 21,782 603 1,300 2,861 442 18,773 177 1,467 17,861 105 4,343 4 Beginning with 1942, excludes reciprocal bank balances. NOTE.—Data are for all commercial banks in the United States. These 5 Through 1960, demand deposits other than interbank and U.S. figures exclude data for banks in U.S. possessions except for member Govt., less cash items in process of collection; beginning with 1961 banks. During 1941 3 mutual savings banks became members of the demand deposits other than domestic commercial interbank and U.S. FRS; these banks (3 before Jan. 1960, 2 until June 1961, and 1 until Govt., less cash items in process of collection. July 1962) are included in member banks but are not included in all insured 6 Beginning with June 1961, reclassification of deposits of foreign or total banks. Comparability of figures for classes of banks is affected central banks reduced foreign interbank demand deposits by about $400 somewhat by changes in F.R. membership, deposit insurance status, and million and interbank time deposits by about $1,500 million. These the reserve classifications of cities and individual banks, and by mergers, amounts are now included in demand and time deposits of individuals, etc. partnerships, and corporations. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

354 WEEKLY REPORTING MEMBER BANKS MARCH 1964 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES [In millions of dollars] Loans For purchasing or carrying securities To financial institutions Wednesday m i T l n o a e v o a n n e t n d t a s s s t l - ! j i L m u n a o a s v e n t d a e n e d - n s t d t s s - 2 j L us o a t a d e n - d s 2 i C m n t a c r o d n i e i m a u a d r l l s - - - A t c u g u r r l a - i l - G U c a T t s u o i n . o e e r v S d - s i t - . b . d r e o O a k c l t s e u t e i e h e r r r - s s i s e - r G U c t s u T o i . e e r v S o - s i - t . . oth O c e t s u t i r e h e s r - s i e - r F ei o g r n B - ank c m m D c o t i i e e m o a c s r - l - - - f P s C i a e n a e O N n t l a r c S e d n s o . . s , . . nba O n t k her es R ta e t a e l ot A h l e l r V S t (j i a r r o e l v u n - e a s - Total- Leading Cities 1963 Feb. 6 129,454 127,662 79,690 34,388 571 753 2,507 99 1400 630 1,792 3,706 2,735 15,641 18,230 1970 13 129,584 127,409 79,784 34,389 1,524 706 2,579 95 1 381 633 2,175 3,751 2,726 15,688 18,235 1,923 20 129,407 127,738 79,890 34,534 571 689 2,554 92 1 384 615 1,669 3,729 2,715 15,748 18,232 1,973 27 130,534 128,344 80,672 34,564 1,508 1,249 2,607 91 1'385 647 2,190 3,807 2,704 15,768 18,269 1,927 1964 Jan 8 140,855 138,816 90,819 37.818 1,561 779 3,827 115 j7?9 993 2,039 4,308 3,603 17,889 20,242 .,045 15 140,965 138,696 90,937 37,641 ,559 1,114 3,928 121 1j7?3 970 2,269 4,187 3,595 17,944 20,203 1,048 22 138,808 136,814 89,741 37,424 1,551 984 3,516 117 1,770 973 1,994 3,794 3,553 17,983 20,173 1,047 29 137,764 135,868 89,122 37,195 642 3,453 108 I,776 982 1,896 3,788 3,551 17,991 20,197 >,042 Feb 5 138,397 136,328 89,504 37,314 1,520 637 3,334 103 1,741 1,011 2,069 3,908 3,537 18,021 20,422 >,044 12 138,479 136,842 89,887 37,368 1,574 930 3,374 97 1 741 1,011 1,637 3,876 3,512 18,081 20,420 i,047 19 138,855 136,987 90,052 37,619 1 578 783 3,312 95 736 1,015 1,868 3,947 3,497 18,127 20,441 > 048 26 138,541 136,847 89,875 37,590 1,513 583 3,279 97 1j736 1,000 1,694 4,033 3,478 18,161 20,457 >,052 New York City 1963 Feb. 6 31,087 30,427 19,465 11,374 538 1,331 18 404 299 660 1,147 536 1,238 3,124 556 13 30,991 30,257 19,440 11,352 12 452 1,379 14 399 296 734 1,198 523 1,252 3 120 557 20 30,845 30,454 19,338 11,385 12 330 1,351 14 400 297 391 1,205 517 1,281 3,104 558 27 31,563 30,966 19,852 11,367 749 1,408 14 403 311 597 1,240 511 1,292 3,102 558 1964 Jan. 8 34,098 33,691 22,695 12,357 76 298 2,341 31 537 512 407 1.380 698 1,809 3,268 56? 15 34,255 33,560 22,742 12,217 27 478 2,376 30 500 695 1,400 687 1,822 3 232 562 22 33,470 32,776 22,183 12,172 71 500 2,102 29 539 496 694 1,175 682 1,825 3,204 562 29 33,228 32,412 21,921 12,058 71 380 2,007 28 547 525 816 ,7.30 673 1,815 3,204 562 Feb 5 33,314 32,662 21,993 12,071 7? 390 1,895 26 553 530 652 1,297 679 1,819 3,273 562 12 33,109 32,814 22,127 12,054 22 473 1,944 26 554 536 295 1,308 677 1,825 3 270 562 19 33,232 32,596 22,037 12,190 77 326 1,836 25 550 530 636 345 668 1,829 3,279 563 26 33,116 32,576 21,992 12,201 22 317 1,784 25 557 527 540 1.365 669 1,833 3,263 566 Outside New York City 1963 Feb 6 98,367 97,235 60,225 23,014 1,509 215 1,176 81 996 331 1,132 2,559 2,199 14,403 15,106 ,364 13 98,593 97,152 60,344 23,037 1,512 254 1,200 81 987 337 1,441 2,553 2,203 14,436 15,115 1,366 20 98,562 97,284 60,552 23,149 1 509 359 1,203 78 984 318 1,278 2,524 2,198 14,467 15,128 1,365 27 98,971 97,378 60,820 23,197 1,495 500 1,199 77 987 336 1,593 2,567 2,193 14 476 15 167 1,369 1964 Jan 8 . . 106,757 105,125 68,124 25,461 1,535 481 1,486 84 J9? 481 1,632 2,928 2,905 16 080 16 974 1,483 15 106,710 105,136 68,195 25,424 1,532 636 1,552 91 188 470 1,574 2,787 2,908 16,122 16,971 1,486 22 105,338 104,038 67,558 25,252 1 530 484 1,414 88 181 477 1,300 2,619 2,871 16,158 16,969 1,485 29 104,536 103,456 67,201 25,137 1,510 262 1,446 80 1,184 457 1,080 2,558 2,878 16,176 16,993 1,480 Feb. 5 105,083 103,666 67,511 25,243 1 498 247 1,439 77 188 481 1,417 2,611 2,858 16,202 17,149 1,482 12 105,370 104,028 67,760 25,314 1,502 457 1,430 71 J87 475 1,342 2,568 2,835 16 256 17 150 I 485 19 105,623 104,391 68,015 25,429 1,506 457 1,476 70 186 485 1,232 2,602 2,829 16,298 17,162 1,485 26 105,425 104,271 67,883 25,389 1,491 266 1,495 72 1,184 473 1,154 2,668 2,809 16,328 17,194 1,486 For notes see p. 356. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1964 WEEKLY REPORTING MEMBER BANKS 355 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Investments Cash assets 3 U. S. Government securities Total assets— Wednesday Total Bills C ti e fi r - - No m te a s tu an ri d n g b — onds O s ri e t t c h ie u e s - r Total d a o w B n t m i a i c c t l e e h - s s- a w e B f n o i i a c g r t l e n - h - s Cu c a r o r n e i d n ncy s F w e R . r i v e t R h - e . s a o s A t s h e l e l t r s c l T i a a a t o p i b n e t i i d s t a l a i l - l cates With- 1 to After banks banks Banks accounts in 5 years 5 years 1 year Total— Leading Cities 1963 Feb. 6 32,050 5,231 2,370 4,067 14,202 6,180 15,922 17,331 2,908 161 1,522 12,740 5,000 164,080 13 31,735 5,005 2,338 4,068 14,215 6,109 15,890 17,112 3,068 182 [,666 12,196 5,056 166,476 20 ... 31,716 5,029 2,455 3,485 13,789 6,958 16,132 17,509 2,933 199 1,636 12,741 4,804 164,421 27 31,446 4,829 2,525 3,629 13,401 7,062 16,226 17,228 2,971 207 1,665 12,385 4,904 166,242 1964 Jan. 8 28,601 4,733 868 2,896 14,216 5,888 19,396 17,740 2,935 292 1,901 12,612 5,356 178,959 15 28,569 5,016 870 2,861 14,085 5,737 19,190 18,207 3,186 273 1,817 12,931 5,362 180,969 22 28,034 4,619 876 2,845 13,995 5,699 19,039 17,308 2,919 274 1,845 12,270 5,443 175,633 29 27,759 4,509 888 2,342 13,770 6,250 18,987 17,580 2,867 266 1,851 12,596 5,541 173,885 Feb. 5 27,590 4,111 1,062 2,386 13,748 6,283 19,234 17,972 2,924 256 1,646 13,146 5,592 176,191 12 27,728 4,264 1,072 2,383 13,768 6,241 19,227 17,476 3,025 252 :1,796 12,403 5,636 175,701 19 ... 27,682 4,276 118 2,736 14,563 5,989 19,253 17,485 3,019 258 [,779 12,429 5,406 175,396 26 27,591 4,221 110 2,802 14,531 5,927 19,381 17,877 2,906 267 ,793 12,911 5,438 175,301 New York City 1963 Feb. 6 6,905 2,188 504 705 2,313 1,195 4,057 3,982 92 73 245 3,572 2,096 41,231 13 6,779 2,077 508 701 2,317 1,176 4,038 3,950 101 78 258 3,513 2,126 42,344 20 6,959 2,245 459 543 2,241 1,471 4,157 4,304 94 88 248 3,874 2,046 41,344 27 6,895 1,986 566 686 2,190 1,467 4,219 4,153 121 91 246 3,695 2,086 42,662 1964 Jan. 8 5,915 1,620 158 466 2,557 1,114 5,081 4,268 75 132 294 3,767 2,235 45,502 15 5,845 1,527 155 533 2,546 1,084 4,973 4,197 108 124 264 3,701 2,253 46,384 22 5,647 1,237 159 667 2,515 1,069 4,946 4,079 oo 124 269 3,598 2,331 44,571 29 5,563 1,259 163 396 2,484 1,261 4,928 4,259 92 118 274 3,775 2,359 44,400 Feb. 5 5,620 1,134 330 428 2,475 1,253 5,049 4,364 73 105 261 3,925 2,395 44,869 12 5,650 1,191 331 425 2,469 1,234 5,037 4,090 83 107 270 3,630 2,455 44,058 19 5,453 1,120 21 464 2,693 1,155 5,106 4,090 93 110 260 3,627 2,387 44,286 26 5,407 1,078 22 466 2,694 1,147 5,177 4,391 68 118 262 3,943 2,408 44,766 Outside New York City 1963 Feb. 6 25,145 3,043 1,866 3,362 11,889 4,985 11,865 13,349 2,816 88 1,277 9,168 2,904 122,849 13 . . 24,956 2,928 1,830 3,367 11,898 4,933 11,852 13,162 2,967 104 1,408 8,683 2,930 124,132 20 24,757 2,784 1,996 2,942 11,548 5,487 11,975 13,205 2,839 111 1,388 8,867 2,758 123,077 27 . 24,551 2,843 1,959 2,943 11,211 5,595 12,007 13,075 2,850 116 1,419 8,690 2,818 123,580 1964 Jan. 8 22,686 3,113 710 2,430 11,659 4,774 14,315 13,472 2,860 160 1,607 8,845 3,121 133,457 15 22,724 3,489 715 2,328 11,539 4,653 14,217 14,010 3,078 149 1,553 9,230 3,109 134,585 22 22,387 3,382 717 2,178 11,480 4,630 14,093 13,229 2,831 150 1,576 8,672 3,112 131,062 29 22,196 3,250 725 1,946 11,286 4,989 14,059 13,321 2,775 148 [,577 8,821 3,182 129,485 Feb. 5 21,970 2,977 732 1,958 11,273 5,030 14,185 13,608 2,851 151 1,385 9,221 3,197 131,322 12 22,078 3,073 741 1,958 11,299 5,007 14,190 13,386 2,942 145 1,526 8,773 3,181 131,643 19 22,229 3,156 97 2,272 11,870 4,834 14,147 13,395 2,926 148 1,519 8,802 3,019 131,110 26 22,184 3,143 88 2,336 11,837 4,780 14,204 13,486 2,838 149 1,531 8,968 3,030 130,535 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

356 WEEKLY REPORTING MEMBER BANKS MARCH 1964 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES- Continued (In millions of dollars) Deposits Borrowings Demand Time De- Other Cap- Wednesday j u u T n s o t a t e d a d l - 4 j p u m o s a d a t d s e e n i - - d t d s 5 Total6 IPC G S l a o t o n c a v d a te t l . e F ig o n r- 7 G U o . v S t . . c m m D c o t i i e e m o a c s r - l - - - Total8 S in a g v s - IPC Oth S l a o e t n r c a d a t t e l ime e F ig o n r- 7 F B F r . a o n R m k . s F ot r h o e m rs li t a i b e i s li- co i a u t c a n - l ts banks Govt. Total- Leading Cities 1963 Feb 6 . . 142,126 63,135 90,586 65,492 5,070 1,659 3,32611,830 51,540 35,267 9,623 3,649 2,644 190 2,432 5,627 13,705 13 144,111 62,593 92,448 67,344 4,935 1,629 3,35411,777 51,663 35,328 9,676 3,628 2,677 145 2,763 5,763 13,694 20 142,237 61,958 90,328 64,776 5,132 1,6414,53211,137 51,909 35,384 9,807 3,661 2,704 362 2,356 5,776 13,690 27 143,712 62,654 91,562 65,834 5,329 1,6484,25411,078 52,150 35,426 9,928 3 668 2,771 65 2,885 5,859 13,721 1964 Jan 8 155,386 65,239 95,898 69,437 4,889 1,870 2,97212,679 59,488 38,043 13,518 4 287 3,224 259 3,157 5,588 14,569 15 157,883 67,136 98,229 72,209 5,095 1,857 2,097 12,561 59,654 38,052 13,643 4,321 3,216 34 2,860 5,598 14,594 22 152,144 65,151 92,168 68,843 4,919 1,949 1,546 11,397 59,976 38,117 13,818 4,361 3,245 255 2,770 5,899 14,565 29 . . 150,500 64,940 90,224 67,605 4,926 1,866 1,545 10,739 60,276 38,131 14,057 4,401 3,241 245 2,642 5,879 14,619 Feb. 5 152,281 64,015 91,816 67,228 5,260 1,850 1,996 11,575 60,465 38,17214,198 4,368 3,280 323 2,908 6,009 14,670 12 152,245 63,718 91,567 67,605 4,879 1,829 2,56011,179 60,678 38,21814,327 4 404 3,280 338 2,317 6 126 14,675 19 151,917 62,090 91,106 65,508 4,997 1,7214,129 11,237 60,811 38,26414,317 4,381 3,402 28 2,666 6,112 14,673 26 151,505 62,565 90,575 65,460 5,188 1,674 3,75510,810 60,930 38,291 14,390 4,407 3,387 528 2,439 6,131 14,698 New York City 1963 eb 6 33,219 15,725 23,909 16,349 292 1,228 995 3,123 9,310 4,084 2,916 224 1,902 75 1 233 2,859 3,845 13 34,213 15,350 24,890 17,018 247 1,203 959 3,304 9,323 4,099 2,889 223 1,928 4 1,388 2,894 3,845 20 33,260 15,597 23,868 16,407 275 1,229 1,153 2,969 9,392 4,111 2,922 224 1,951 167 1,189 2,893 3,835 27 34,249 15 816 24,736 16,864 376 1 2281,055 3,005 9,513 4,120 2,989 224 1 992 1 649 2 929 3,835 1964 Jan. 8 37,061 16,541 25,434 17,237 380 1,420 911 3,081 11,627 4,411 4,362 374 2,253 143 1,566 2,631 4,101 15 38,368 17,081 26,708 18,217 411 1,370 609 3,339 11,660 4,398 4,373 404 2,253 1,222 2,671 4,123 22 36,414 16,572 24,644 17,309 320 1,492 384 2,997 11,770 4,405 4,442 402 2,277 105 1,167 2,766 4,119 29 ... 36,228 16,520 24,349 17,160 286 1,432 345 2,930 11,879 4,410 4,538 401 2,275 144 1,156 2,748 4,124 Feb. 5 36,445 16,201 24,556 16,854 323 1,407 545 3,014 11,889 4,416 4,519 397 2,303 166 1,294 2,811 4,153 12 36,013 16,149 24,110 16,739 253 1 379 712 2,845 11,903 4,421 4,526 398 2,304 72 954 2,865 4,154 19 36,227 15,579 24,269 16,367 311 1,292 1,031 3,082 11,958 4,431 4,463 394 2,415 1,063 2,853 4,143 26 36,474 15,694 24,492 16,543 350 1,230 901 3,046 11,982 4,436 4,484 395 2,405 213 1,115 2,824 4,140 Outside New York City 1963 Feb. 6 108,907 47,410 66,677 49,143 4,778 4312,331 8,707 42,230 31,183 6,707 3,425 742 115 1,199 2,768 9,860 13 109 898 47,243 67,558 50,326 4,688 4262,395 8,473 42,340 31,229 6,787 3,405 749 141 1,375 2,869 9,849 20 108,977 46,361 66,460 48,369 4,857 4123,379 8,168 42,517 31,273 6,885 3,437 753 195 1,167 2,883 9,855 27 109,463 46,838 66,826 48,970 4,953 4203,199 8,073 42,637 31,306 6,939 3,444 779 65 1,236 2,930 9,886 1964 Jan 8 118,325 48,698 70,464 52,200 4,509 4502,061 9,598 47,861 33,632 9,156 3,913 971 116 1,591 2,957 10,468 15 119,515 50,055 71,521 53,992 4,684 4871,488 9,222 47,994 33,654 9,270 3,917 963 34 1,638 2,927 10,471 22 115,730 48,579 67,524 51,534 4,599 4571,162 8,400 48,206 33,712 9,376 3,959 968 150 1,603 3,133 10,446 29 114,272 48,420 65,875 50,445 4,640 4341,200 7,809 48,397 33,721 9,519 4,000 966 101 1,486 3,131 10,495 Feb. 5 115,836 47,814 67,260 50,374 4,937 4431,451 8,561 48,576 33,756 9,679 3,971 977 157 1,614 3,198 10,517 12 116,232 47,569 67,457 50,866 4,626 4501,848 8,334 48,775 33,797 9,801 4,006 976 266 1,363 3,261 10,521 19 115,690 46,511 66,837 49,141 4,686 4293,098 8,155 48,853 33,833 9,854 3,987 987 28 1,603 3,259 10,530 26 115,031 46,871 66,083 48,917 4,838 4442 854 7,764 48,948 33,855 9,906 4,012 982 315 1,324 3,307 10,558 1 After deduction of valuation reserves. * Includes certified and officers' checks and deposits of mutual savings 2 Exclusive of loans to domestic commercial banks and after deduction banks, not shown separately. of valuation reserves; individual loans items are shown gross. 7 Deposits of foreign governments and official institutions, central 3 Excludes cash items in process of collection. banks, international institutions, banks in foreign countries, and foreign • Total demand and total time deposits. branches of U.S. banks other than reporting bank. 5 Demand deposits other than domestic commercial interbank and 8 Includes U.S. Govt., postal savings, domestic commercial interbanks U.S. Govt., less cash items in process of collection. and mutual savings banks, not shown separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1964 BUSINESS LOANS OF BANKS 357 COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS (In millions of dollars) Outstanding Net change during— Industry 1964 1964 1963 1963 1963 F 2 e 6 b. Fe 1 b 9 . Fe 1 b 2 . Fe 5 b. J 2 a 9 n. Feb. Jan. Dec. IV III h 2 a n l d f h 1 a s l t f Durable goods manufacturing: Primary metals 643 637 624 626 615 28 -2 3 4 5 -50 9 -38 Machinery 2,221 2,202 2,168 2,159 2,123 98 -47 279 177 9 16 186 151 Transportation equipment 857 872 842 848 832 25 -49 -12 -5 -90 -80 -95 -91 Other fabricated metal products. . 822 814 808 789 788 34 -19 -14 -51 -7 36 -59 58 Other durable goods 1,011 1,011 1,005 997 991 20 -51 -19 -90 23 58 -67 91 Nondurable goods manufacturing: Food, liquor, and tobacco 1,500 1,568 1,568 588 1,626 -126 -292 74 496 148 -222 644 -593 Textiles, apparel, and leather 1,447 1,415 1,348 308 1,256 191 -75 -57 -238 71 80 -167 288 Petroleum refining 1,149 1,160 1,176 178 1,192 -43 5 84 72 27 39 99 7 Chemicals and rubber 1,026 1,015 990 980 1,005 21 8 39 -20 -40 -24 -60 66 Other nondurable goods 840 839 832 841 819 21 -30 -19 -96 60 47 -36 92 Mining, including crude petroleum and natural gas 2,689 2,700 2,698 2,699 2,722 -33 -170 320 413 30 -59 443 237 Trade: Commodity dealers 1,277 1,295 1,342 1,340 1,381 -104 -41 -64 348 235 -195 583 -263 Other wholesale 1,993 1,987 1,973 1,976 1,956 37 -111 42 125 -30 100 95 23 Retail 2,371 2,361 2,343 2,365 2,299 72 -213 -147 220 -67 71 154 52 Transportation, communication, and other public utilities 4,165 4,180 4,189 4,229 4,300 -135 -223 305 546 -16 -22 529 -255 Construction 1,850 1,846 1,846 1,834 1,824 26 -31 -28 -27 67 175 40 133 All other: i Bankers' acceptances 932 927 914 43 -47 All other types of business, mainly 510 570 3 147 573 180 services 4,791 4,771 4,725 4,708 4,673 118 -92 Total classified loans 31,584 31,600 31,391 31,345 31,291 293 -1,480 1,296 2,446 427 116 2,873 137 Commercial and industrial loans— all weekly reporting banks 37,590 37,619 37,368 37,314 37,195 395 c-l,598 1,539 2,849 385 351 3,234 393 1 Beginning December 31, 1963, bankers' acceptances for the creation NOTE.—About 200 of the weekly reporting member banks are included of dollar exchange are excluded from commercial and industrial loans in this series; these banks classify, by industry, commercial and industrial and those relating to commercial transactions are shown in a separate loans amounting to about 85 per cent of such loans held by all weekly category. Current figures are therefore not strictly comparable with reporting member banks, and about 60 per cent of those held by all figures previously reported, but differences are relatively small. commercial banks. BANK RATES ON SHORT-TERM BUSINESS LOANS (Per cent per annum) Size of loan Size of loan p A e a r n r i e d o a d lo A a l n l s j_ (thou 1 s 0 a - nds of 1 d 0 o 0 l - lars) 200 p A e a r r n i e d o a d lo A a l n l s 1- (thou 1 s 0 a - nds of 1 d 0 o 0 l - lars) 200 10 100 200 and over 10 100 200 and over Year: Quarter—cont.: * 19 large cities: New York City: 1962—Dec 4.78 5.61 5.33 5.12 4.68 1955 3.7 5.0 4.4 4.0 3.5 1963—Mar 4.80 5.62 5.36 5.06 4.70 1956 4.2 5.2 4.8 4.4 4.0 June 4.78 5.61 5.37 5.05 4.68 1957 4.6 5.5 5.1 4.8 4.5 Sept 4.81 5.64 5.36 5.04 4.71 1958 4.3 5.5 5.0 4.6 4.1 Dec 4.76 5.63 5.36 5.04 4.65 1959 5.0 5.8 5.5 5.2 4.9 7 northern and I960 5.2 6.0 5.7 5.4 5.0 eastern cities: 1961 5.0 5.9 5.5 5.2 4.8 1962—Dec 5.05 5.85 5.55 5.23 4.92 1962 5.0 5.9 5.5 5.2 4.8 1963—Mar 4.98 5.85 5.53 5.18 4.84 1963 5.0 5.9 5.5 5.2 4.8 June 5.01 5.84 5.54 5.27 4.87 Sept 5.01 5.85 5.56 5.19 4.88 Dec 5.04 5.85 5.55 5.27 4.90 Quarter: i 19 large cities: 11 southern and western cities: 1962—Dec 5.02 5.88 5.55 5.28 4.85 1962—Dec 5.33 6.01 5.68 5.41 5.10 1963—Mar 5.00 5.89 5.55 5.21 4.83 1963—Mar 5.30 6.02 5.66 5.33 5.07 June 5.01 5.86 5.54 5.24 4.84 June 5.32 5.97 5.63 5.34 5.12 Sept 5.01 5.86 5.54 5.21 4.85 Sept 5.30 5.96 5.64 5.33 5.09 Dec 5.00 5.86 5.54 5.23 4.82 Dec 5.29 5.97 5.65 5.31 5.07 i Based on new loans and renewals for first 15 days of month. Changes thereafter occurred on the following dates (new levels shown, in per cent): 1955—Aug. 4, 3%; Oct. 14, 3V2; 1956—Apr. 13, 3%; Aug. NOTE.—Weighted averages. For description see Mar. 1949 BULL., 21, 4; 1957—Aug. 6, 4V2; 1958—Jan. 22, 4; Apr. 21, 3^; Sept. 11, 4; pp. 228-37. Bank prime rate was 3 per cent Jan. 1, 1955-Aug. 3, 1955. 1959—May 18, 4V2; Sept. 1, 5; and 1960—Aug. 23, 4V2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

358 INTEREST RATES MARCH 1964 MONEY MARKET RATES (Per cent per annum) J.S. Government securities (taxable)3 Finance Prime CO. Prime coml. paper bankers' 3-month bills 6-month bills 9- to 12-month issues Period paper, placed accept- 3- to 5- 4- to 6- directly, ances, year months * m 3 o - n to th s 6 - 2 90 days i on i R s s a n u t e e e w M y a ie r l k d et on i R s s a n u t e e e w M y a ie r l k d et (m y B i a e i r l l l k d s ) et Other 4 issues 5 1961 2.97 2.68 2 81 2 378 2.36 2.605 2.59 2.81 2.91 3.60 1962 3.26 3.07 3.01 2.778 2.77 2.908 2.90 3.01 3.02 3.57 1963 3.55 3.40 3.36 C3.157 3.16 3.253 3.25 3.30 3.28 3.72 1963—Feb 3.25 3.13 3.13 2.916 2.92 2.970 2.98 3.00 2.89 3.48 Mar 3.34 3.15 3 13 2 897 2.89 2.950 2.95 2.97 2.99 3.50 Apr 3.32 3.17 3.13 2.909 2.90 2.988 2.98 3.03 3.02 3.56 May 3.25 3.15 3.13 2.920 2.92 3.006 3.01 3.06 3.06 3.57 3.38 3.21 3.24 2.995 2.99 3.078 3.08 3.11 3.17 3.67 July 3.49 3.35 3.41 3.143 3.18 3.272 3.31 3.40 3.33 3.78 Aue 3.72 3.57 3.59 3.320 3.32 3.437 3.44 3.50 3.41 3.81 Sept 3.88 3.63 3.63 3.379 3.38 3,494 3.50 3.57 3.54 3.88 Oct 3.88 3.72 3.63 3.453 3.45 3.573 3.58 3.61 3.59 3.91 Nov 3 88 3 75 3 71 3 522 3.52 3.648 3.65 3.67 3.70 3.97 Dec . 3.96 3.84 3.63 3.523 3.52 3.667 3.66 3.69 3.77 4.04 1964 Jan 3.97 3.82 *3.70 3.529 3.52 3.652 3.64 3.68 3.66 4.06 Feb 3.88 3.76 3.75 3.532 3.53 3.664 3.67 3.71 3.63 4.02 Week ending— 1964—Feb 1 3.88 3.75 3.75 3.501 3.50 3.613 3.61 3.65 3.67 4.04 8 3.88 3 75 3 75 3 505 3.51 3.615 3.63 3.65 3.66 3.99 15 3.88 3.75 3.75 3.540 3.52 3.660 3.66 3.70 3.66 4.00 22 3.88 3.75 3.75 3.534 3.53 3.679 3.68 3.71 3.58 4.02 29 3.90 3.78 3.75 3.547 3.56 3.703 3.72 3.76 3.61 4.05 1 Averages of daily offering rates of dealers. 4 Certificates of indebtedness and selected note and bond issues. 2 Averages of daily rates, published by finance cos., for varying maturi- 5 Selected note and bond issues. ties in the 90-179 day range. 3 Except for new bill issues, yields are averages computed from daily closing bid prices. BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds Stocks State By selected By Dividend/ Earnings/ Period United and local rating group price ratio price ratio States (long- Total i term) Total 1 Aaa Baa Aaa Baa In tr d i u al s- R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d C m o o m n - C m o o m n - 1961 3.90 3.60 3.27 4.01 4.66 4.35 5.08 4.54 4.82 4.57 4.66 2.97 r4.98 1962 3.95 3.30 3.03 3.67 4.61 4.33 5.02 4.47 4.86 4.51 4.50 3.37 r6.20 1963 4.00 3.28 3.06 3.58 4.50 4.26 4.86 4.42 4.65 4.41 4.30 3.17 1963 Feb 3 92 3 24 2 99 3 57 4 48 4 19 4 89 4 37 4 69 4 37 4 27 3 27 Mar 3.93 3.21 2.97 3.56 4.47 4.19 4.88 4.38 4.65 4.38 4.24 3.28 r5.93 Apr 3.97 3.21 2.97 3.55 4.47 4.21 4.87 4.40 4.63 4.39 4.31 3.15 May 3.97 3.21 2.99 3.54 4.48 4.22 4.86 4.40 4.63 4.39 4.29 3.13 June....... 4.00 3.31 3.09 3.62 4.47 4.23 4.84 3.40 4.61 4.40 4.29 3.16 r5.88 July 4.01 3.31 3.10 3.60 4.49 4.26 4.84 4.43 4.62 4.42 4.34 3.20 Aug . . 3.99 3.28 3.09 3.58 4.50 4.29 4.83 4.45 4.63 4.42 4.30 3.13 Sept 4.04 3.31 3.13 3.58 4.52 4.31 4.84 4.46 4.65 4.44 4.30 3.06 5.70 Oct 4.07 3.33 3.15 3.59 4.52 4.32 4.83 4.47 4.66 4.44 4.26 3 05 Nov 4.10 3.36 3.17 3.62 4.54 4.33 4.84 4.47 4.68 4.45 4.28 3.14 Dec 4.14 3.33 3.12 3.61 4.55 4.35 4.85 4.48 4.68 4.49 4.32 3.14 1964—Jan 4.15 3.29 3.09 3.56 4.57 4.37 4.83 4.50 4.68 4.51 4.32 3.06 Feb 4.14 3.27 3.08 3.54 4.55 4.36 4.83 4.48 4.67 4.51 4.31 3.05 Week ending— 1964—Feb. 1 4.15 3.28 3.08 3.56 4.57 4.37 4.83 4.50 4.68 4 52 4 30 3.05 8 4.14 3.26 3.08 3.53 4.55 4.36 4.82 4.48 4.67 4.51 4.31 3.05 15 4.14 3.27 3.08 3.54 4.55 4.36 4.83 4.47 4.68 4.50 4.30 3.03 22 4.14 3.27 3.07 3.55 4.55 4.36 4.83 4.47 4.67 4.51 4.30 3.04 29 4.15 3.28 3.09 3.55 4.54 4.35 4.83 4.47 4.66 4.50 4.31 3.06 Number of issues 6-12 20 5 5 120 30 30 40 40 40 14 500 500 1 Includes bonds rate Aa and A, data for which are not shown sep- figures, Corp. bonds: Averages of daily figures. Both of these series are arately. Because of a limited number of suitable issues, the number from Moody's Investors Service series. of corporate bonds in some groups has varied somewhat. Stocks: Standard and Poor's Corp. series. Dividend,price ratios are based on Wed. figures; earnings price ratios are as of end of period. NOTE.—Annual yields are averages of monthly or quarterly data. Preferred stock ratio is based on 8 median yields for a sample of non- Monthly and weekly yields are computed as follows: U.S. Govt. bonds: callable issues—12 industrial and 2 public utility; common stock ratios Averages of daily figures for bonds maturing or callable in 10 years or on the 500 stocks in the price index. Quarterly earnings are seasonally more. adjusted at annual rates. State and local govt. bonds: General obligations only, based on Thurs. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1964 SECURITY MARKETS 359 SECURITY PRICES Bonds Common stocks» Vol- Standard Standard and Poor's index Securities and Exchange Commission index ume and Poor's (1941-43= 10) (1957-59= 100) of trad- Period U.S. ing Govt. Manufacturing Trade, (thou- (long- Cor- Pub- Pub- fi- sands term) State po- In- Rail- lic Trans- lic nance, Min- of and rate Total dus- road util- Total Du- Non- porta- util- and ing shares) local AAA trial ity Total rable du- tion ity servrable ice 1961 87.55 107.8 95.2 66.27 69.99 32.83 61.87 134.2 126.7 129.2 124.4 105.7 168.4 160.2 92.5 4,085 1962 86.94 112.0 96.2 62.38 65.54 30.56 59.16 127.1 118.0 116.5 119.4 97.8 167.2 155.0 98.0 3,820 1963 86.31 111.3 96.8 69.87 73.39 37.58 64.99 142.3 133.3 129.3 137.1 122.5 180.5 169.3 123.5 4,573 1963—Feb 87.33 112.1 97.8 65.92 68.91 34.59 64.07 135.0 125.5 121.0 129.7 110.3 177.5 158.4 109.3 4,168 Mar 87.15 113.3 97.8 65.67 68.71 34.60 63.35 133.7 124.5 118.7 129.9 109.3 174.5 158.6 111.5 3,561 Apr 86.63 ni3.i 97.4 68.76 72.17 36.25 64.64 140.7 132.0 126.9 136.9 116.3 179.2 164.8 120.1 5,072 May 86.66 112.6 97.1 70.14 73.60 38.37 65.52 143.2 134.3 130.7 137.7 124.2 180.6 170.0 123.2 4,781 86.36 110.7 97.1 70.11 73.61 39.34 64.87 142.5 133.7 130.8 136.7 127.2 178.0 170.6 125.2 4,528 July 86.16 110.3 96.7 69.07 72.45 38.75 64.47 140.7 131.8 126.6 136.7 125.8 176.6 168.5 127.3 3,467 86.45 111.4 96.5 70.98 74.43 39.22 66.57 144.6 135.6 130.4 140.5 128.8 180.9 173.1 132.3 4,154 Sept 85.77 110.7 r95.9 72.85 76.63 39.00 67.09 148.2 139.4 135.5 143.2 128.0 182.9 179.7 132.9 5,331 Oct 85.50 109.9 95.9 73.03 77.09 38.31 65.55 148.7 139.9 138.0 141.6 128.2 184.8 179.9 130.0 5,316 Nov 85.03 r108.5 95.9 72 62 76 69 38 60 64 81 147 3 138.0 136.6 139 4 129.5 186.4 174.9 127.9 5,294 Dec . . . 84.64 109.5 r95.4 74.17 78.38 39.92 *65.64 151.1 141.4 137.7 145.0 134.9 191.3 176.5 135.2 4,701 1964—Jan 84.42 mi.2 95.3 76 45 80 85 41.00 67.26 155.7 146.3 142.9 149.7 140.4 196.0 178.3 140.2 5,302 Feb 84.60 112.3 95.7 77.39 81.96 41.54 67.20 158.3 149.0 144.7 153.0 145.2 197.3 182.1 143.4 4,639 Week ending— Feb. 1 84.50 112 5 95 4 76 91 81 39 41 20 67 29 157 0 147.7 143 3 151 9 140 4 197.4 179 6 140.7 4,529 8 . . 84.65 112.5 95.6 76.94 81.44 40.98 67.28 157.4 148.0 142.7 153.1 142.5 197.3 180.3 142.7 4,262 15 84.66 112.5 95.7 77.39 81.93 41.29 67.46 158.2 148.5 144.4 152.5 143.7 199.2 181.2 145.4 4,403 22 84.63 112.4 95.7 77.53 82.15 41.57 67.01 158.6 149.4 145.4 153.2 145.8 196.8 183.7 144.2 4,603 29 84.48 111.8 95.6 77.53 82.36 42.34 65.01 158.8 149.9 146.4 153.3 148.6 195.9 182.6 141.2 5,281 NOTE.—Annual data are averages of monthly data. Monthly and Common stocks, Standard and Poor's index based on averages of daily weekly data are computed as follows: figures; Securities and Exchange Commission index on weekly closing U.S. Govt. bonds, derived from average market yields in preceding prices. table on basis of an assumed 3 per cent, 20-year bond, averages of daily Volume of trading, average daily trading in stocks on the N.Y. Stock figures. Exchange for a 5V£-bour trading day. Municipal and corporate bonds, derived from average yields, as computed by Standard and Poor's Corp., on basis of a 4 per cent, 20-year bond; Wed. closing prices. STOCK MARKET CREDIT (In millions of dollars) Customer credit Broker and dealer credit Net debit balances with Bank loans to others than N.Y. Stock. Exchange brokers and dealers for pur- Money borrowed on— Cusfirms secured by— chasing and carrying— tomers' Months Total securities net other than Other securities free U.S. Govt. se G c U u o . r S v it . t i . es se O cu th ri e ti r es se G c U u o . r S v it . t i . es se O cu th ri e ti r es se G c U u o . r S v it . t i . es Customer Other fc a r b r n fe a A c d l e - iit s t lotai collateral collateral 1960—Dec 4,415 95 3,222 138 1,193 142 2,133 1,806 327 1,135 1961—Dec. 5,602 35 4,259 125 1,343 48 2,954 2,572 382 1,219 1962—Dec. 5,494 24 4,125 97 1,369 35 2,785 2,434 351 1,216 1963—Feb.. 5,717 23 4,332 91 1,385 35 3,059 2,695 364 1,191 Mar.. 5,754 28 4,331 100 1,423 63 3,129 2,754 375 1,175 Apr.. 5,978 27 4,526 99 1,452 33 3,239 2,889 350 1,201 May. 6,229 24 4,737 75 1,492 33 3,655 3,150 505 1,166 June. 6,420 32 4,898 104 1,522 44 3,909 3,333 576 1,149 July.. 6,511 25 4,895 81 1,616 29 3,836 3,359 477 1,126 Aug.. 6,660 23 5,034 87 1,626 23 3,933 3,467 466 1,093 Sept.. 6,971 41 5,316 86 1,655 69 4,100 3,592 508 1,180 Oct.. 7,180 29 5,495 83 1,685 33 4,218 3,713 505 1,176 Nov.. 7,298 34 5,586 90 1,712 28 4,457 3,892 565 1,211 Dec. 7,241 26 5,514 140 1,727 32 '4,449 3,852 597 1,210 1964—Jan 7,250 22 5,524 108 1,726 41 4,210 3,795 415 1,262 Feb 7,120 21 5,384 97 1,736 33 4,158 3,738 420 1,199 NOTE.—Data in first 3 cols, and last col. are for end of month; in other have been transferred to other member firms and are reported in their cols, for last Wed. debit figures from the month received (some in Dec. 1963, more in Jan. Net debit balances and broker and dealer credit: Ledger balances of 1964). Debit balance totals for the period Oct.-Jan., therefore, are member firms of N.Y. Stock Exchange carrying margin accounts, as not completely comparable. reported to Exchange. Customers' debit and free credit balances exclude Bank loans to others than brokers and dealers: figures are for weekly balances maintained with reporting firm by other member firms of nation a reporting member banks. Before July 1959, loans for purchasing or securities exchanges and balances of reporting firm and of general part- carrying U.S. Govt. securities were reported separately only by N.Y. ners of reporting firm. Balances are net for each customer—i.e., all accounts of one customer are consolidated. Money borrowed includes borrowings from banks and from other lenders except member firms of national securities exchanges. Nov. data on customers' net debit balances exclude amounts carried loans by purpose) are available back through July 1958 and have been by a large former member firm in liquidation; most of these accounts Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

360 OPEN MARKET PAPER; SAVINGS INSTITUTIONS MARCH 1964 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances Commercial and finance company paper Held by- Based on— End of period Accepting banks F. R. Goods stored in or Total Banks Im- Ex- shipped between Placed Placed Others ports ports Dollar points in— Total through direct- into from exdealers * ly2 Own Bills Own For- United United change Total bills bought acct. eign States States United Foreign corr. States countries 1957 2,672 551 2,121 1,307 287 194 94 66 76 878 278 456 46 296 232 1958 3 2,751 840 31,911 1,194 302 238 64 49 68 775 254 349 83 244 263 1959 3,202 677 2,525 1,151 319 282 36 75 82 675 357 309 74 162 249 1960 .... 4,497 1,358 3,139 2,027 662 490 173 74 230 1,060 403 669 122 308 524 1961 4,686 1,711 2,975 2,683 1,272 896 376 51 126 1,234 485 969 117 293 819 1962 6,000 2,088 3,912 2,650 1,153 865 288 110 86 1.301 541 778 186 171 974 1963—Jan 6,790 2,091 4,699 2,593 1,153 849 304 72 84 1,284 538 730 149 180 996 Feb 6,996 2,193 4,803 2,565 1,141 840 301 54 84 1,285 542 703 159 148 1,013 Mar 7,076 2,260 4,816 2,589 1,167 886 280 52 83 ,288 554 730 142 122 ,041 Apr 7,382 2,204 5,178 2,658 1,251 977 274 44 83 1,280 523 750 146 108 ,130 May 7,542 2,084 5,458 2,696 1,148 923 225 42 83 1,422 525 808 149 72 ,142 June 7,239 2,049 5,190 2,697 1,227 953 274 43 83 1,344 536 807 130 66 ,158 July 7,522 2,059 5,463 2,712 1,202 990 213 39 85 1,386 555 791 128 64 ,174 Aug 7,808 2,062 5,746 2,644 1,174 938 236 38 89 1,343 556 772 105 53 1,159 Sept 7,161 2,098 5,063 2,709 1,107 946 181 34 104 1,463 564 775 97 47 1,226 Oct 7,869 2,230 5,639 2,733 1,093 911 181 58 105 1,477 563 807 89 46 ,229 Nov 8,170 2,172 5,998 2,744 1,190 976 214 42 102 ,410 572 842 54 46 ,230 Dec 6,747 1,928 4,819 2,890 1,291 1,031 260 162 92 1,345 567 908 56 41 ,317 1964—Jan 7,765 2,042 5,723 2,938 1,393 1,025 368 68 91 1,386 557 962 70 39 1,310 1 As reported by dealers; includes finance co. paper as well as other 3 Beginning with Nov. 1958, series includes all paper with maturity commercial paper sold in the open market. of 270 days or more. Figures on old basis for Dec. were (in millions): 2 As reported by finance cos. that place their paper directly with total $2,739; placed directly $1,899. investors. MUTUAL SAVINGS BANKS (Amounts in millions of dollars) Loans Securities Total assets— Mortga End of period M ga o g r e t- Other G U o .S v . t. S l a o t n c a d a te l C r a o a n r t p d e o- a C s a se s t h s O as t s h e e ts r s l T u ia a t r o i b n p e t i d l s a l u i l - s D i e t p ^ os- l O ia t t i b h e i s e li r - S c u o a r u c p n - lu ts s commitments 3 govt. other l accts. Number Amount 1941 4,787 89 3,592 It' 86 829 689 11,772 10,503 38 1,231 1945 4,202 62 10,650 57 606 185 16,962 15,332 48 1,582 1955 17,279 211 8,464 646 3,366 966 414 31,346 28,182 310 2,854 1956 19,559 248 7,982 675 3 549 920 448 33 381 30 026 369 2 986 1957 20,971 253 7,583 685 4,344 889 490 35,215 31,683 427 3,105 1958 23,038 320 7,270 729 4,971 921 535 37,784 34,031 526 3,227 89,912 1,664 1959 * 24,769 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65,248 1,170 1960 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 1,200 1961 28,902 475 6,160 677 5,040 937 640 42,829 38,277 781 3,771 61,855 1,654 1962 32,056 602 6,107 527 5,177 956 695 46,121 41,336 828 3,957 114,985 2,548 1962—Dec 32,056 602 6,107 527 5,177 956 695 46,121 41,336 828 3,957 114,985 2,548 1963—Jan 32,492 575 '6,143 512 '5,176 819 735 46,451 41,565 Q12 3,955 101,815 2,345 Feb 32,812 583 6,172 501 5 166 870 722 46,826 41,780 ,052 3,993 108,060 2,398 Mar 33,125 611 6,432 475 5,157 891 743 47,436 42,306 1,106 4,023 103,534 2,379 Apr 33,452 568 6,191 470 5,085 830 728 47,325 41,318 1,034 3,973 107,672 2,409 33,809 614 6,166 462 5 080 852 734 47,717 42,549 1,148 4,019 107,429 2,390 June 34,075 588 6,189 458 5,090 890 737 48,028 42,972 1,023 4,033 110,518 2,447 July 34,389 583 6,170 455 5,107 828 750 48,282 43,109 1,138 4,035 108,914 2,419 Aug 34,690 662 6,137 455 5,132 809 741 48,626 43,282 1,248 4,096 107,108 2,366 Sept 34,964 667 6,076 453 5,171 848 775 48,955 43,712 1,124 4,118 109,205 2,403 Oct 35,333 637 5,899 451 5,149 819 765 49,052 43,910 1,049 4,093 106,337 2,379 Nov 35,654 659 5,885 448 5,073 811 781 49,312 44,028 I 141 4,143 109,881 2,378 Dec 36,007 607 5,863 440 5,074 912 799 49,702 44,607 943 4,153 104,326 2,549 1 Includes securities of foreign governments and international organiza- NOTE.—National Assn. of Mutual Savings Banks data; figures are tions and U.S. Govt. agencies not guaranteed, as well as corporate estimates for all savings banks in the United States and differ somewhat securities. from those shown elsewhere in BULLETIN; the latter are for call dates and 2 See note 3, p. 347. are based on reports filed with U.S. Govt. and State bank supervisory 3 Commitments outstanding of banks in N.Y. State as reported to the agencies. Loans are shown net of valuation reserves. Savings Banks Assn. of the State of N.Y. 4 Data reflect consolidation of a large mutual savings bank with a commercial bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1964 SAVINGS INSTITUTIONS 361 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period a T s o s t e a ts l Total U S n ta i t t e e s d Sta lo te c a a l ndForeign1 Total Bonds Stocks M ga o g r e t s - e R st e a a t l e P lo o a li n c s y O as t s h e e ts r Statement value: 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1955 90,432 11,829 8,576 2,038 1,215 39,545 35,912 3,633 29,445 2,581 3,290 3,743 1956 96,011 11,067 7,555 2,273 1,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 1957 101,309 10,690 7,029 2,376 1,285 44,057 40,666 3,391 35,236 3,119 3,869 4,338 1958 107,580 11,234 7,183 2,681 1,370 47,108 42,999 4,109 37,062 3,364 4,188 4,624 1959 113,650 11,581 6,868 3,200 1,513 49,666 45,105 4,561 39,197 3,651 4,618 4,937 I960 119,576 11,679 6,427 3,588 1,664 51,857 46,876 4,981 41,771 3,765 5,231 5,273 1961 126,816 11,896 6,134 3,888 1,874 55,294 49,036 6,258 44,203 4,007 5,733 5,683 1962 133,291 12,448 6,170 4,026 2,252 57,576 51,274 6,302 46,902 4,107 6,234 6,024 Book value: 1961—Dec 126,816 11,915 6,135 3,902 1,878 53,967 49,149 4,818 44,250 4,011 5,735 6,938 1962—Dec r 133,291 12,469 6,171 4,037 2,261 56,565 51,389 5,176 46,957 4,114 6,235 6,951 1963—Jan 134,011 12,852 6,312 4,088 2,452 56,829 51,592 5,237 47,203 4,154 6,245 6,728 Feb 134,500 12,877 6,243 4,080 2,554 57,059 51,784 5,275 47,348 4,171 6,279 6,766 Mar 134,977 12,687 6,032 4,063 2,592 57,381 52,038 5,343 47,618 4,179 6,320 6,792 Apr 135,610 12,660 6,013 4,036 2,611 57,664 52,289 5,375 47,910 4,200 6,364 6,812 136,236 12,497 5,851 4,000 2,646 58,054 52,673 5,381 48,165 4,211 6,399 6,910 June 136,698 12,389 5,757 3,981 2,651 58,294 52,841 5,453 48,421 4,239 6,438 6,917 July 137,670 12,456 5,843 3,954 2,659 58,578 53,129 5,449 48,665 4,260 6,511 7,200 138,361 12,452 5,810 3,935 2,707 58,764 53,268 5,496 48,964 4,313 6,548 7,320 Sept 138,764 12,429 5,824 3,892 2,713 58,919 53,357 5,562 49,233 4,339 6,585 7,259 Oct 139,610 12,425 5,829 3,893 2,703 59,214 53,654 5,560 49,536 4,357 6,620 7,458 Nov 140,207 12,371 5 787 3,889 2,695 59,574 53,989 5,585 49 813 4,369 6 651 7 429 Dec 140,903 12,330 5,755 3,876 2,699 59,452 53,769 5,683 50,543 4,348 6,690 7,540 i Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and NOTE.—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made ife insurance cos. in the United States. on each item, separately, but are included in total, in "other assets." SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets Liabilities Total Mortgage E pe n r d i o o d f M ga o g r e t s - s G e U c o . u S v r . t i . - Cash Other i a li s a T s b e o i t l s t i a t 2 i l — es S c a a v p i i n ta g l s u R n e d a s i n e v r d i v d e e s d B m o o rr n o e w y e 3 d L p o r a o n c s e s i s n Other co m l m o e a m n n t i s tties profits 1941 4,578 107 344 775 6,049 4,682 475 256 >36 1945 5 376 2 420 450 356 8 747 7 365 644 336 402 1955 31,408 2,338 2,063 1,789 37,656 32,142 2 557 1,546 1,411 833 1956 35,729 2,782 2,119 2,199 42,875 37,148 2,950 1,347 1,430 843 1957 40,007 3,173 2,146 2,770 48,138 41,912 3,363 1,379 1,484 862 1958 45,627 3,819 2,585 3,108 55,139 47,976 3,845 1,444 1,161 713 1,475 1959 53,141 4,477 2,183 3,729 63,530 54,583 4,393 2,387 1,293 874 1,285 I960 60,070 4,595 2,680 4,131 71,476 62,142 4,983 2,197 1,186 968 1,359 1961 68,834 5,211 3,315 4,775 82,135 70,885 5,708 2,856 1,550 1,136 1,908 1962 78,770 5,563 3,926 5,346 93,605 80,236 6,520 3,629 1,990 1,221 2,230 1962—Dec 78,770 5,563 3,926 5,346 93,605 80,236 6,520 3,629 1,999 1,221 2,230 1963—Jan 79,441 5,751 3,593 5,238 94,023 81,221 6,554 2,892 1,929 1,427 2,342 Feb 80,137 5,923 3,699 5,284 95,043 82,065 6,573 2,697 1,954 1,754 2,446 Mar 81,042 6,100 3,789 5,401 96,332 83,260 6,573 2,601 2,097 1,801 2,662 Apr 82,103 6,135 3,650 5,493 97,381 83,738 6,584 2,725 2,254 2,080 2,843 May 83,281 6,111 3,613 5,887 98,892 84,707 6,600 2,840 2,353 2,392 3,019 June 84,525 6,201 3,850 5,858 100,434 86,349 6,800 3,434 2,461 1,390 3,092 July 85,628 6,271 3,401 5,708 101,008 86,313 6,810 3,688 2,485 1,712 3,097 Aug 86,836 6,233 3,353 5,859 102,281 86,956 6,826 3,912 2,493 2,094 3,110 Sept 87.933 6,345 3,383 5,897 103,558 87,872 6,830 4,208 2,536 2,112 3,067 Oct 89,051 6,419 3,450 5,979 104,899 88,667 6,838 4,405 2,576 2,413 3,025 Nov 89,857 6 548 3,482 6,154 106,041 89,471 6,855 4,464 2,502 2,749 2,929 Dec 90,849 6,440 3,964 6,178 107,431 91,205 7,208 5,011 2,520 1,487 2,613 1 Includes other loans, stock in the Federal home loan banks, other 3 Consists of advances from FHLB and other borrowing. investments, real estate owned and sold on contract, and office buildings and fixtures. NOTE.—Federal Savings and Loan Insurance Corp. data; figures are 2 Before 1958 mortgages are net of mortgage pledged shares. Asset estimates for all savings and loan assns. in the United States. Data items will not add to total assets, which include gross mortgages with no beginning with 1954 are based on monthly reports of insured assns. and deductions for mortgage pledged shares. Beginning with Jan. 1958, no annual reports of noninsured assns. Data before 1954 are based entirely deduction is made for mortgage pledged shares. These have declined on annual reports. Data for current and preceding year are preliminary consistently in recent years and amounted to $42 million at the end of even when revised. 1957. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

362 FEDERAL FINANCE MARCH 1964 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) Derivation of U.S. Government cash transactions Receipts from the public, Payments to the public, Net cash borrowing other than debt other than debt or repayment Period Net Bu n d e g t et f T P u r l n u u d s s : s t g I L n o e t v s r s t a . : - 1 E r T e q c o u t a t s a l . l s 2 : Budget fu T P n r l d u u s s s : t 3 A m L d e e j n s u t s s s : t - 4 E p T q a o u y a t t a l s s l . : p r a e y ct t s s . . C & (d d h i a i e a r n g b n e e t c g n t e .) a I g t L n r e v b e u n s y e s s . s t : s „ t & . L N c d e a e o s s b n s h t - : Eq N u e a t ls: Cal. year—1961 78,157 24,099 4,418 97,774 84,463 25,144 5,017 104,590 -6,816 6,792 -440 470 6,762 1962 84,709 25,471 3,928 106,206 91,907 25,386 5,419 111,874 -5,668 9,055 1,109 1,386 6,560 1963 87,516 29,255 4,144 112,575 94,188 28,348 5,382 117,153 -4,579 7,672 2,535 883 4,255 Fiscal year—1960 77,763 20,342 2,975 95,078 76,539 21,212 3,424 94,328 750 3,371 925 597 1,848 1961 77,659 23,583 3,945 97,242 81,515 22,793 4,766 99,542 -2,300 2,102 856 536 712 1962 81,409 24,290 3,776 101,865 87,787 25,141 5,266 107,662 -5,797 11,010 492 923 9,594 1963 86,376 27,689 4,281 109,739 92,642 26,545 5,436 113,751 -4,012 8,681 r2,068 1,033 5,579 Half year: 1962—Jan.-June 45,583 13,633 2,000 57,195 44,622 12,377 3,225 53,773 3,422 2,911 1,978 521 412 July-Dec 39,126 11,838 1,928 49,011 47,286 13,010 '2,195 58,101 -9,090 r6,143 -870 865 6,148 1963—Jan.-June 47,250 15,851 2,352 60,728 45,356 13,536 3,241 55,650 c5,078 2,538 2,939 169 -569 July-Dec 40,266 13,404 1,792 51,847 48,832 14,812 2,141 61,503 -9,657 5,135 -403 714 4,824 Month: 1963—Jan 5,533 990 237 6,283 8,013 1,795 990 8,818 -2,535 -372 -998 61 565 Feb 7,305 3,361 314 10,350 6,763 2,230 213 8,779 1,570 1,010 517 33 461 Mar 9,663 2,123 237 11,545 7,806 1,968 852 8,922 2,622 -1,949 120 -4 -2,066 Apr 5,735 1,752 236 7,248 7,590 2,242 163 9,669 -2,421 104 -829 87 846 May 6.953 4,656 283 11,323 7,470 2,302 -218 9,989 1,334 2,282 2,820 28 -567 June 12,061 2,969 1,046 13,980 7,715 2,981 1,375 9,321 4,659 1,463 1,458 -36 40 July 3,547 1,419 271 4,693 7,863 2,651 468 10,045 -5,353 -854 -1,253 128 271 Aug 7,290 3,887 213 10.960 8,305 2,438 -544 11,287 -328 2,028 1,784 116 128 Sept 10,095 1,830 C269 11,652 7,815 2,515 781 9,549 2,102 366 -575 101 839 Oct 3,400 1,289 C259 4,423 8,776 2,592 629 10,740 -6,318 103 -1,101 78 1,126 Nov 7,131 2,749 259 9,617 7,784 1,955 -73 9,812 -194 1,593 481 163 949 Dec 8,803 2,230 521 10,503 8,289 2,661 881 10,069 433 1,899 260 128 1,511 1964—Jan j 5,853 1,088 303 6,628 8,492 2,257 902 9,8 -3,219 -1,059 -1,328 86 183 Effects of operations on Treasurer's account Net operating transactions Net financing transactions ca C s h h a b n a g l e a n in ces Tr ( e e a n s d u r o e f r 's p e a r c io co d u ) nt Period Agencies & trusts Change Operating bal. Budget in s d u e r o f p i r c lu it s f T u r n u d st s3 a C c l c e o a u ri n n t g s i M ss s u e a o c a r f . k n 3 e c t e i I n G n s e v o U c e v . . s t 3 S t . , . p d g d u i r e r b o e b l s c i t s c t T o r H u e t a e s s l i u d d r e y a T u cc r r e e o a r u ' s s n - t Balance b F a . n R k . s a l T a c o n c a a d t x n s. O as n t s h e e t e ts r Fiscal year—1960 1,224 -870 -149 1,746 -925 1,625 -4 2,654 8,005 504 6,458 1,043 1961 -3,856 790 285 -538 -856 2,640 -222 -1,311 6,694 408 5,453 833 1962 -6,378 -851 566 1,780 -492 9,230 118 3,736 10,430 612 8,815 1,003 1963 -6,266 1,143 122 1,022 -2,069 7,659 -74 1,686 12,116 806 10,324 986 Half year: 1962—Jan.-June 962 1,256 704 879 -1,978 2,032 -81 3,936 10,430 612 8,815 1,003 July-Dec -8,160 -1,172 -599 '874 870 5,269 4 -2,922 7,509 597 6,092 820 1963—Jan.-June 1,894 2,315 720 148 -2,939 2,390 -78 4,607 12,116 806 10,324 986 July-Dec -8,567 -1,408 -365 1,648 403 3,487 -60 -4,741 7,375 880 5,621 874 Month: 1963—Jan -2,480 -805 692 -319 998 -53 57 -2,024 5,485 821 3,678 986 Feb 542 1,131 -133 -211 -517 1,221 73 1,961 7,446 841 5,580 1,025 Mar 1,857 155 618 -304 -120 -1,645 -245 806 8,252 909 6,466 877 -1,854 -490 -159 -69 829 173 100 -1,672 6,579 952 4,340 1,287 M^y'.'.'.'.'.'.'.'. -516 2,354 -528 244 -2,820 2,038 -208 978 7,558 651 5,992 915 June 4,346 -12 231 1,462 -1,979 656 145 4,558 12,116 806 10,324 986 July -4,316 -1,232 70 171 1,253 -1,025 39 -5,118 6,998 629 5,564 805 Aug -1,015 1,449 -874 328 -1,784 1,700 -43 -152 6,846 705 5,389 752 Sept 2,279 -685 411 265 575 100 9 2,938 9,783 948 7,958 877 Oct -5,377 -1,304 291 296 1,101 -193 87 -5,273 4,510 881 2,839 790 Nov. -652 795 -495 -179 -481 1,773 760 5,270 890 3,521 859 Dec 514 -431 232 767 -260 1,132 -151 2,105 7,375 880 5,621 874 1964—Jan -2,639 -1,169 512 -289 1,328 -770 84 -3,111 4,264 791 2,451 1,022 1 Primarily interest payments by Treasury to trust accounts and accumu- 4 Primarily (1) intragovt. transactions, (2) noncash debt, (3) clearing lations to U.S. employee trust funds. accounts. 2 Includes small adjustments not shown separately. 5 Includes technical adjustments not allocated by functions. 3 Includes net expenditures of Govt. sponsored enterprises. NOTE.—Based on Treasury Dept. and Bureau of the Budget data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1964 FEDERAL FINANCE 363 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Excise taxes Socialins. taxes Period Individual Estate Cus- I a n n t d . Re- With- Corp. Total L a b n i a q d c u c t o o o r - H w ig ay h- Total O R a A n .R d S . I e U m n p - l. A g I if IU t toms r m ep e a n y ts - funds Other held Other Fiscal year—1960.. 95,07831,675 13,271 22,179 11,865 5,126 2,642 14,678 11,526 2,670 1,626 1,123 1,820 5,238 2,079 1961.. 97,24232,978 13,175 21,765 i:>,064 5,204 2,923 16,390 12,981 2,905 1,916 1,008 2,105 5,976 1,817 1962.. 101,86536,246 14,403 21,296 i:>,752 5,367 3,080 17,040 13,197 3,342 2,035 1,171 1,358 6,266 1,830 1963.. 109,73938,719 14,269 22,336 I:5,410 5,521 3,405 19,735 15,127 4, 114 2,187 1,241 1,903 6,571 2,516 Half year: 1962—Jan.-June. 57,19518,594 11,214 13,037 6,358 2,578 1,468 9,991 7,737 1,997 1,162 592 596 5,379 1,030 July-Dec.. 49,01118,958 3,319 8,810 (),808 2,845 1,756 7,937 6,111 1,579 914 639 1,179 805 1,252 1963—Jan.-June. 60,72819,761 10,950 13,526 (5,602 2,676 1,649 11,798 9,016 2,535 1,273 602 724 5,766 1,264 July-Dec.. 51,84820,120 3,465 9,242 7,043 n.a. 1,898 9,209 7,373 1,588 992 661 947 1,044 1,213 Month: 1963—Jan 6,283 1,269 2,367 517 1,099 409 261 552 330 173 191 80 122 109 195 Feb 10,350 5,422 783 422 1,038 379 272 3,119 2,025 1,055 145 103 91 838 65 Mar 11,545 3,182 745 6,081 1,081 438 279 1,526 1,361 123 216 107 147 1,720 180 Apr 7,248 973 4,371 551 1,022 446 258 1,177 936 200 303 110 129 1,603 215 May 11,323 5,642 651 443 1,192 499 311 3,998 3,026 933 229 106 109 1,204 157 June 13,980 3,272 2,033 5,511 1,171 507 267 1,422 1,337 48 188 95 128 292 458 July 4,693 1,295 381 574 1,179 453 297 775 540 189 221 117 186 245 210 Aug 10,960 5,607 179 386 [,207 495 345 3,199 2,424 730 175 108 103 229 225 Sept 11,652 3,210 2,140 3,603 1,165 466 300 1,197 1,097 66 148 104 140 202 147 Oct 4,423 1,404 247 557 1,156 561 285 '652 490 140 158 123 104 207 203 Nov 9,617 5,429 113 396 1,065 466 371 2,145 1,699 413 139 106 142 59 141 Dec 10,503 3,176 406 3,726 1,271 499 300 1,240 1,147 52 150 103 272 103 262 1964—Jan... 6.628 1.432 ,441 583 1,087 n.a. 283 542 294 195 180 101 158 126 230 Cash payments to the public Period Total 5 t f i N e d o n e n a s - - a e l a I ff n a t i l r . s s S e p r a e a r - c c e h c A ul g tu ri r - e so N u u r r e a r a - c t l - es t m C r a a o e n n r m d s c p e - . & H d e i o c n v u o g e s m l - . . l H w ab e e o l a f r l a t r h & e , E t d i u o c n a- e V ra e n t- s In e t s e t r- G G e o r e a v n l t - . Fiscal year—1960.. 94,328 45,915 1,574 401 4,877 1,822 4,819 1,440 19,107 867 5.907 7,233 1,558 1961.. 99,542 47,685 2,153 744 5,183 2,101 5,107 -103 22,364 945 6.187 7,257 1,724 1962 . 07,662 51,462 2,492 1,257 5,942 2,223 5,487 1,691 23,975 1,052 6,092 6,940 1,882 1963.. 13,751 53,429 2,242 2,552 7,266 2,456 5,777 -268 25,698 1,214 5,971 7,427 1,983 Half year: 1962—Jan.-June. 53,773 27,331 855 775 2,547 1,016 2,591 214 12,515 601 3,019 3,595 939 July-Dec.. 58,101 26,123 875 1,024 4,446 1,386 3,099 1,028 12,349 562 2,956 3,580 983 1963—Jan.-June. 55,650 27,306 1,367 1,528 2,816 1,067 2,681 -1,294 13,348 651 3,010 3,846 1,000 July-Dec.. 61.502 26,359 1,032 1,857 4,314 1,455 3,657 1,857 13,150 561 2,954 3,845 1,084 Month: 1963— Jan.r 8.818 4,580 272 233 502 193 395 -723 2,314 132 785 225 169 Feb 8,779 4,135 225 194 320 164 401 -406 2,232 125 467 1,358 150 Mar 8,922 4,609 225 250 529 153 406 -310 2,227 110 452 325 158 Apr 9,669 4,572 284 271 501 166 386 -74 2,278 93 411 305 155 May 9,989 4,575 74 281 590 176 449 -161 2,117 93 476 1,314 201 June 9,321 4,835 289 299 367 213 641 380 2,185 98 419 319 167 July 10,045 4,263 -7 270 818 215 502 464 2,217 109 513 227 204 Aug 11,287 4,456 152 285 915 295 643 274 2,099 126 481 1,474 171 Sept 9,549 4,246 186 287 621 265 650 274 2,129 88 476 285 183 Oct 10,740 4,670 239 342 882 253 682 264 2,274 83 503 348 169 Nov 9,812 4,164 242 301 446 209 561 82 2,201 68 489 1,239 171 Dec 10,069 4,560 220 372 632 216 619 499 2,230 87 492 273 186 1964—Jan 9.848 4,385 251 355 701 198 394 -12 2,442 703 269 263 1962 1963 1962 1963 Item III IV III IV III IV III IV Seasonally adjusted Not seasonally adjusted Cash budget: Receipts.. 25.3 26.5 27.3 27.1 27.4 27.8 28.7 28.9 26.2 31.0 26.0 23.0 28.2 32.6 27.3 24.5 Payments. 27.6 27.0 28.1 29.2 28.2 28.2 30.4 30.2 26.0 27.8 28.5 29.6 26.5 29.1 30.9 30.6 Net.... -2.2 - .5 - .7 -2 .1 - .8 - .4 -1 .7 -1.3 3.2 -2 .5 -6 .6 1.7 3.4 -3 .5 -6.1 For notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

364 U.S. GOVERNMENT SECURITIES MARCH 1964 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues 3 Total End of period d T g e r o b o t t s a s l i d d g e i r r b o e t s c s 2 t Total Marketable C ve o r n t- - Nonmarketable i S s p su e e c s ia 6 l Total Bills C c e a r t t e if s i- Notes Bonds 4 bo ib n le ds Total 5 b S i o n a n g v d s - s 1941 Dec 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 7.0 1945—Dec 278.7 278.1 255.7 198.8 17.0 38.2 23.0 120.6 56.9 48.2 20.0 1947 Dec 257.0 256.9 225.3 165.8 15 1 21.2 11 4 118 0 59 5 52 1 29 0 1956 Dec 276.7 276.6 228.6 160.4 25 2 19.0 35 3 80 9 10 8 57 4 56 3 45 6 1957 Dec 275.0 274.9 227.1 164.2 26.9 34.6 20.7 82 1 9.5 53.4 52.5 45.8 1958—Dec 283.0 282.9 236.0 175.6 29.7 36.4 26.1 83.4 8.3 52.1 51.2 44.8 1959—Dec 290.9 290.8 244.2 188.3 39.6 19.7 44.2 84.8 7.1 48.9 48.2 43.5 I960 Dec 290.4 290.2 242.5 189.0 39.4 18.4 51.3 79 8 5 7 47 8 47 2 44.3 1961—Dec 296.5 296.2 249.2 196.0 43.4 5.5 71.5 75.5 4.6 48.6 47.5 43.5 1962—Dec 304.0 303.5 255.8 203.0 48.3 22.7 53.7 78.4 4.0 48.8 47.5 43. 1964—Feb 305.2 304.6 258.1 204.8 49.9 23.7 50.0 81.1 3.9 49.4 47.9 42.5 Mar 303.5 303.0 256.8 203.5 48 5 21.8 53 4 79 8 3 7 49 6 48 0 42.2 Apr 303.7 303.2 257.6 204.3 49.4 21.8 53.0 80.1 3.5 49.7 48.1 41.6 May 305.8 305.2 257.6 204.1 49.7 22.2 52.1 80.1 3.5 50.0 48.2 43.6 306.5 305.9 257.2 203.5 47.2 22.2 52.1 82 0 3.5 50.2 48.3 44.8 July 305.5 304.8 257.2 203.5 47.2 22.2 52.2 81.9 3.5 50.3 48.4 43.7 307.2 306.5 257.0 203.2 47.2 17.0 58.6 80 5 3 4 50 3 48.5 45.5 Sept 307.3 306.6 258.0 204.3 48.2 15.5 54.1 86.5 3.4 50.4 48.6 44.7 Oct 307.1 306.4 259.2 205.3 49.7 15.5 53.7 86.5 3.3 50.6 48.7 43.3 Nov 308.9 308.2 260.5 206.6 50.5 10.9 58.7 86 4 3 3 50 7 48.8 43.6 Dec 310.1 309.3 261.6 207.6 51.5 10.9 58.7 86.4 3.2 50.7 48.8 43.7 1964—Jan 309.3 308.6 262.6 208.6 52.5 10.9 56.4 88.7 3.2 50.8 48.9 41.9 Feb 311.2 310.4 263.2 209.2 53.6 4.2 64.5 87.0 3.2 50.8 49.0 42.9 1 Includes non-interest-bearing debt (of which $364 million, on Feb. 5 Includes Series A investment bonds, depository bonds, armed forces 29, 1964, was not subject to statutory debt limitation) and guaranteed leave bonds, adjusted service bonds, foreign currency series, foreign securities, not shown separately. series, Rural Electrification Administration bonds, and before 1956, 2 Excludes guaranteed securities. tax and savings notes, not shown separately. 3 Includes amounts held by U.S. Govt. agencies and trust funds, which 6 Held only by U.S. Govt. agencies and trust funds. totaled $14,633 million on Jan. 31, 1964. 4 Includes Treasury bonds and minor amounts of Panama Canal and NOTE.—Based on Daily Statement of U.S. Treasury. postal savings bonds. OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES (Par value in billions of dollars) Held by— Held by the public E pe n r d i o o d f T g d r o e o t b s a t s l ag G U t e a r o . n u n S v c d s . i t t e . s b F a . n R k . s Total m C b e a o r n c m k ia - s l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m u c ie e r - - s r c O a o t t r i h p o e o n r - s g S l a o o t n c v a d a t t e s l . Savi I n n g d s ividu O al t s her n F a i o t n a i r t n o e e d n i r g - a n l2 t O i m o n r t v i h s s e e c s r . * funds i bonds securities 1941_Dec 64.3 9.5 2.3 52.5 21.4 3.7 8.2 4.0 .7 5.4 8.2 .4 .5 1945—Dec 278.7 27.0 24.3 227.4 90.8 10.7 24.0 22.2 6.5 42.9 21.2 2.4 6.6 1947—Dec 257.0 34.4 22.6 200.1 68.7 12.0 23.9 14.1 7.3 46.2 19.4 2.7 5.7 1956—Dec 276.7 54.0 24.9 197.8 59.5 8.0 13.2 19.1 16.3 50.1 15.4 7.8 8.4 1957—Dec 275.0 55.2 24.2 195.5 59.5 7.6 12.5 18.6 16.6 48.2 15.8 7.6 9.0 1958—Dec 283.0 54.4 26.3 202.3 67.5 7.3 12.7 18.8 16.5 47.7 15.3 7.7 8.9 1959—Dec 290.9 53.7 26.6 210.6 60.3 6.9 12.5 22.6 18.0 45.9 22.3 12.0 10.1 1960—Dec 290.4 55.1 27.4 207.9 62.1 6.3 11.9 20.1 18.7 45.7 19.1 13.0 11.2 1961—Dec 296.5 54.5 28.9 213.1 67.2 6.1 11.4 19.7 18.7 46.4 18.5 13.4 11.6 1962— Dec 304.0 55.6 30.8 217.6 67.2 6.1 11.5 20.1 19.5 46.9 18.3 15.3 12.7 1963—Jan 303.9 54.5 30.3 219.1 66.7 6.1 11.5 21.0 19.9 47.1 18.6 15.3 12.9 Feb 305.2 55.1 30.6 219.5 65.8 6.1 11.4 21.6 19.9 47.2 18.7 15.2 13.8 Mar 303.5 55.1 31.0 217.4 64.7 11.2 20.7 20.1 47.3 19.1 15.4 12.7 Apr 303.7 54.3 31.2 218.2 65.1 6J 11.1 21.0 20.5 47.3 18.4 15.6 13.0 May 305.8 57.1 31.3 217.4 63.9 6. 11.0 22.2 20.5 47.4 18.0 15.9 12.5 June 306.5 58.4 32.0 216.1 64.4 6. 10.8 20.2 20.7 47.5 18.1 15.8 12.5 July 305.5 57.1 32.5 215.9 63.3 6. 10.9 20.5 20.9 47.6 18.4 15.6 12.6 Aug 307.2 58.9 32.4 215.9 61.7 6.1 10.9 21.3 21.2 47.7 18.4 15.9 12.7 Sept 307.3 58.3 32.6 216.4 63.0 6.0 11.0 19.6 20.9 47.7 18 7 16 0 13 5 Oct 307.1 57.2 32.8 217.2 63.1 5.8 11.0 20.4 20.7 47.8 18.8 15.9 13.6 Nov 308.9 57.7 33.7 217.5 62.7 5.8 11.0 21.6 20.3 47.8 18.9 16.0 13.2 Dec 310 1 58.0 33.6 218.5 64.1 5.8 11.0 20 7 20.8 48 1 18 8 r15 9 r13 3 1964—Jan 309.3 56.6 32.8 220.0 62.7 5.9 11.1 21.9 21.0 48.1 19.1 16.2 14.2 1 Includes the Postal Savings System. 3 Includes savings and loan assns., dealers and brokers, nonprofit 2 Includes investments of foreign balances and international accounts institutions, and corp. pension funds. in the United States. NOTE.—Reported data for F.R. Banks and U.S. Govt. agencies and trust funds; Treasury estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1964 U.S. GOVERNMENT SECURITIES 365 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value in millions of dollars) Within 1 year 1-5 5-10 10-20 Over Type of holder and date Total years years years 20 years Total Bills Other All holders: 1960—Dec. 31 189,015 73,830 39,446 34,384 72,298 18,684 13,224 10,979 1961 Dec 31 ... 195,965 84,428 43,444 40,984 66,360 19,782 11,976 13,419 1962—Dec. 31 203,011 87,284 48,250 39,034 61,640 33,983 4,565 15,539 1963 Dec. 31 207,571 89,403 51,539 37,864 58,487 35,682 8,357 15,642 1964—Jan. 31 208,589 88,445 52,547 35,898 57,509 37,900 8,357 16,378 U.S. Govt. agencies and trust funds: 1960—Dec. 31 8,116 1,482 591 891 2,431 1,602 1,461 1,140 1961 Dec 31 8,484 1,252 583 669 1,860 1,594 1,756 2,022 1962—Dec. 31 9,638 1,591 865 726 1 425 2,731 1 309 2,583 1963—Dec. 31 11,889 1,844 1,366 478 1,910 3,021 2,178 2,936 1964—Jan. 31 12,205 1,916 1,549 367 1,707 3,279 2,193 3,110 Federal Reserve Banks: I960—Dec. 31 27,384 15,223 3,217 12,006 10,711 1,179 243 28 1961 Dec 31 28,881 17,650 3,349 14,301 8,737 2,227 204 63 1962—Dec. 3t 30 820 17,741 2,723 15,018 10 834 2 094 68 83 1963—Dec. 31 33,593 22,580 4,146 18,434 8,658 2,136 88 131 1964—Jan. 31 32,753 21,729 3,312 18,417 8,669 2,136 88 131 Held by public: I960—Dec 31 153,515 57,125 35,638 21,487 59,156 15,903 11,520 9,811 1961—Dec. 31 158,600 65,526 39,512 26,014 55,763 15,961 10,016 11,334 1962 Dec 31 . .. 162,553 67,952 44,662 23,290 49,381 29,158 3,188 12,873 1963 Dec 31 162,089 64,979 46,027 18,952 47,919 30,525 6,091 12,575 1964 Jan 31 163,631 64,800 47,686 17,114 47,133 32,485 6,076 13,137 Commercial banks: I960—Dec 31 54,260 14,697 6,976 7,721 31,596 5,654 1,775 538 1961—Dec 31 59,073 21,149 9,962 11,187 30,751 5,043 1,724 407 1962—Dec. 31 58,004 19,885 9,838 10,047 26,348 11,163 191 417 1963 Dec 31 54,881 16,703 9,290 7,413 26,107 11,075 533 463 1964—Jan. 31 53,488 15,183 8,782 6,401 25,405 11,785 530 584 Mutual savings banks: I960—Dec. 31 5,944 480 144 336 1,544 1,849 897 1,174 1961 Dec 31 5,867 868 181 505 1,514 1,708 662 1,298 1962—Dec 31 5,793 635 252 383 1 337 2 210 306 1,305 1963—Dec. 31 5,502 690 268 422 1,211 2,009 377 1,215 1964—Jan 31 5,592 706 363 343 1,246 2,040 372 1,228 Insurance Companies: I960—Dec. 31 9,001 940 341 599 2,508 2,076 1,433 2,044 1961—Dec. 31 9,020 1,228 442 786 2,222 1,625 1,274 2,671 1962—Dec. 31 9,265 1,259 552 707 2,175 2,223 718 2.890 1963 Dec. 31 9,254 1,181 549 632 2,044 2,303 939 2,787 1964—Jan ^1 9,292 1,130 588 542 2,011 2,397 929 2,825 Nonfinancial corporations: I960—Dec. 31 10,741 8,340 5,599 2,741 2,269 58 39 33 1961 Dec 31 10,547 8,697 5,466 3,231 1,747 72 22 8 1962—Dec. 31 10 750 9,063 6,551 2,512 1 524 149 5 9 1963—Dec. 31 10,427 7,671 6,178 1,493 2,397 290 9 60 1964—Jan. 31 10,994 8,039 6,749 1,290 2,496 341 10 109 Savings and loan associations: I960—Dec 31 ... 2,454 322 163 159 858 473 396 406 1961 Dec 31 2,760 446 155 291 895 617 371 431 1962—Dec. 31 2 862 437 254 183 817 1,030 105 473 1963 Dec 31 3,253 378 236 142 919 1,202 253 501 1964—Jan. 31 3,319 382 257 125 931 1,262 252 492 State and local governments: I960—Dec. 31 10,957 3,933 2,643 1,290 1,785 828 1,382 3,029 1961 Dec 31 10,893 3,974 2,710 1,264 1,320 842 1,250 3,507 1962—Dec. 31 11,716 4,447 3,282 1,165 1,059 1,505 688 4,017 1963 Dec 31 12,453 4,637 3,869 768 941 1,502 1,591 3,782 1964 Jan 31 14,659 5,354 4,263 1,091 1,638 1,800 1,696 4,171 All others: I960—Dec. 31 60,158 28,413 19,772 8,641 18,596 4,965 5,598 2,587 1961 Dec 31 . .. 60,440 29,346 20,596 8,750 17,314 6,054 4,713 3,012 1962—Dec. 31 64,162 32 227 23,935 8,292 16,121 10,877 1,175 3,761 1963 Dec. 31 66,320 33,719 25,637 8,082 14,301 12,144 2,389 3,767 1964 Jan 31 66,287 34,005 26,684 7,321 13,407 12,860 2,287 3,728 NOTE.—Direct public issues only. Based on Treasury Survey of cos. combined; (2) about 50 per cent by the 469 nonfinancial corps, and Ownership. 488 savings and loan assns.; and (3) about 60 per cent by 507 State and Data complete for U.S. Govt. agencies and trust funds and F.R. Banks local govts. but for other groups are based on Treasury Survey data. Of total mar- Holdings of "all others," a residual throughout, include holdings of all ketable issues held by groups, the proportion held on latest date and the those not reporting in the Treasury Survey, including investor groups not number of reporting owners surveyed were: (1) about 90 per cent by the listed separately. 6,062 commercial banks, 505 mutual savings banks, and 788 insurance Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

366 U.S. GOVERNMENT SECURITIES MARCH 1964 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt. Period Dealers and brokers se a c g u e r n i c ti y es Total Com- Within 1-5 5-10 Over mercial 1 year years 10 years U.S. banks \i other Govt. Other 1963—Jan 1,871 ,484 226 124 36 621 37 730 484 81 Feb 2,350 U646 400 230 75 733 44 952 622 73 Mar 1,694 1,241 224 149 79 544 39 657 454 91 Apr 1,788 ,438 195 105 50 509 33 757 488 91 May 1,639 ,160 282 127 69 529 30 601 479 81 June.... 1,574 ,208 168 165 33 471 26 584 493 108 July 1,775 1,440 172 134 29 556 27 727 464 95 Aug 1,308 ,060 139 88 21 401 15 507 384 88 Sept 1,799 ,280 207 214 100 522 36 733 509 140 Oct 1,575 ,261 144 124 46 467 31 637 439 91 Nov 1,713 1,300 252 131 29 480 28 662 544 117 Dec 1,719 1,348 213 122 37 508 30 730 451 96 1964—Jan 2,144 1,656 264 159 65 687 36 905 516 99 Week ending— 1964—Jan. 1. 2,410 2,013 209 134 54 640 45 1.042 683 147 8. 2,022 1,602 252 144 23 653 22 868 479 90 15. 2,513 1,918 336 193 66 759 40 1,142 573 96 22. 2,478 1,851 274 226 126 872 51 981 575 100 29. 1,624 1,323 175 86 40 518 29 685 391 121 Feb. 5. 2,248 1,584 441 159 63 623 44 927 654 112 12. 1,506 1,080 216 157 53 424 25 657 400 73 19. 1,845 1,447 226 128 43 586 23 705 530 71 26. 1,655 1,251 215 119 71 458 29 667 501 101 I NOTE.—The transactions data combine market purchases and sales of ties under repurchase agreements, reverse repurchase (resale), or similar U.S. Govt. securities dealers reporting to the F.R. Bank of N.Y. They contracts. Averages of daily figures based on the number of trading do not include allotments of and exchanges for new U.S. Govt. securities, days in the period. redemptions of called or matured securities, or purchases or sales of securi- DEALER POSITIONS DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity Commercial banks U.S. Period mat A ur l i l ties W 1 i y th ea in r y 1 e - a 5 rs 5 O y v e e a r rs se a G c g u e o r n v i c t t i y . es Period sou A r l c l es Y N C o e it r w y k w E h ls e e r - e Co ti r o p n o s r * a- o A th l e l r 1963—Jan 4,021 3,622 368 30 185 Feb 3,410 2,863 473 74 128 1963—Jan 4,062 1,388 895 ,396 383 Mar 3,547 2,439 563 543 212 Feb 3,553 1,070 897 1,083 502 Apr 3,467 2,934 355 178 228 Mar 4,027 1,436 1,009 ,129 453 May 3,494 2,810 640 44 305 Apr 3,548 886 854 ,366 442 June 3,093 2,666 347 80 357 May 3,764 936 888 ,536 403 July 2,881 2,505 357 21 267 June 3,361 866 650 1,543 303 Aug 3,096 2,871 307 -82 275 July 3,020 659 533 ,478 350 Sept 3,689 3,099 290 300 195 Aug 3,293 553 501 ,924 316 Oct 3,538 2,899 196 444 176 Sept 3,974 1,201 898 1,527 348 Nov 3,546 3,008 430 108 159 Oct 3,415 825 775 .387 429 Dec 3,090 2,800 295 -4 254 Nov 3,551 660 671 ,748 472 Dec 3,139 823 587 ,466 263 1964—Jan 3,582 3,218 272 92 163 1964—Jan 3,646 1,139 1,019 1,159 328 Week ending— Week ending— 1963—Dec. 4.. 3,433 3,034 356 41 259 11.. 2,942 2,629 279 33 254 1963—Dec. 4... 3,421 576 482 1,962 402 18.. 3,053 2,813 251 -12 243 11... 3,108 523 443 1,863 278 25. . 3,092 2,846 298 -52 240 18... 3,214 1,029 646 1,309 230 25. .. 3,078 1,038 689 1,171 179 1964—Jan. 1. . 3,045 2,752 328 -35 271 8.. 3,408 3,124 326 -42 181 1964—Jan. 1 ... 2,901 839 633 1,194 235 15.. 3,902 3,723 360 -181 146 8... 3,377 1,024 921 1,063 368 22.. 3,572 3,360 248 -36 140 15. .. 3,583 978 1,092 1,132 381 29.. 3,421 2,720 215 486 173 22... 4,024 1,378 1,205 1,155 285 29... 3,749 1.222 923 1,298 306 NOTE.—The figures include all securities sold by dealers under repurchase contracts regardless of the maturity date of the contract unless the 1 All business corps, except commercial banks and insurance cos. contract is matched by a reverse repurchase (resale) agreement or delayed delivery sale with the same maturity and involving the same amount of NOTE.—Averages of daily figures based on the number of calendar days securities. Included in the repurchase contracts are some that more in the period. Both bank and nonbank dealers are included. See also clearly represent investments by the holders of the securities rather than note to the opposite table on this page. dealer trading positions. Average of daily figures based on number of trading days in the period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1964 OUTSTANDING SECURITIES 367 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, FEBRUARY 29, 1964 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont Treasury notes—Cont. Treasury bonds—Cont. Mar. 5, 1964 2,202 Aug. 13, 1964.... 901 Nov. 15, 1965 31/2 2,954 May 15, 1968 3% 2,460 Mar. 12, 1964 2,200 Aug. 20, 1964.... 901 Feb. 15, 1966 3y8 5,653 Aug. 15, 1968 ty4 3,747 Mar. 19, 1964 2,202 Aug. 27, 1964 902 Apr. 1,1966 11/2 675 Nov. 15, 1968 3% 1,591 Mar. 23, 1964 i 2,001 Aug. 31, 1964.... 1,001 Aug. 15, 1966 4 5,820 Feb. 15, 1969 4 1,844 Mar. 26, 1964 2,209 Sept. 30, 1964.... 1,002 Oct. 1,1966 iy2 357 Oct. 1,1969 4 2,537 Apr. 2, 1964 199 Oct. 31, 1964.... 1,000 Feb. 15, 1967 3% 3,475 Aug. 15, 1970 4 4,129 Apr. 9, 1964 201 Nov. 30, 1964.... 1,005 Apr. 1,1967 11/2 270 Aug. 15, 1971 4 2,806 Apr. 15, 1964 501 Dec. 31, 1964.... 1,000 Aug. 15, 1967 3^ 4.433 Nov. 15, 1971 3% 2,760 Apr. 16, 1964 101 Jan. 31, 1965.... 1,000 Oct. 1,1967 n/2 457 Feb. 15, 1972 4 2,344 Apr. 23, 1964 103 Apr. 1,1968 n/2 212 Aug. 15, 1972 4 2,579 A M p a r y . 3 7 0, , 1 1 9 9 6 6 4 4 1 1 0 0 1 0 Ce M rti a f y ic a 1 te 5 s , 1964. • 31/4 4,198 Oct. 1,1968 iy2 52 A N u o g v . . 1 1 5 5 , , 1 1 9 9 7 7 4 3 3% 4 2 3 , , 2 8 4 9 4 4 May 14, 1964 2,103 Treasury bonds May 15, 1975-85.. .414 1,218 M M a a y y 2 2 8 1 , , 1 1 9 9 6 6 4 4 2 2 , . 0 0 0 0 1 3 Tre A a p s r u . r y 1 n , o 1 te 9 s 64. 457 J D u e n c e . 1 15 5 , , 1 1 9 9 6 62 3 - - 6 6 7 8 . . . . . . 2 2 1 1 / / 2 2 1 1 , , 4 8 6 1 1 4 J F u e n b e . 1 1 5 5 , , 1 19 9 8 7 0 8 -83... 3V4 4 2 1 , , 6 58 1 8 0 June 4,1964 800 May 15, 1964. •4% 4,400 June 15, 1964-69... 21/2 2,629 Nov. 15, 1980 3Vi 1,914 J J J J u u u u n n n n e e e e 2 2 1 1 5 2 8 1 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 4 4 4 4 i 2,5 8 8 8 0 0 0 0 1 1 0 4 A O M A c u u a t g g y . . . 1 1 1 5 5 5 1 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 4 4 4 4 . . . . . '• 3 3 3 % 4 2 2 4, , , 4 0 0 0 8 9 4 1 0 5 5 6 D F M M e e a a b c y r . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 5 6 5 4 - - 7 6 0 9 . . . . . . 2 3 2 2 1 i V y / /2 2 4 8 2 2 2 3 , , , , 4 5 8 9 1 4 6 7 7 1 2 5 F A F M e e u a b b g y . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 9 8 8 8 0 5 8 7 - - 9 9 3 2 ... 4 3 3 V V y 4 4 2 4 4 1 , , 9 1 2 3 2 0 5 6 9 9 0 5 July 2,1964 800 Nov. 15, 1964. '4% 3,868 Aug. 15, 1966 3 1.024 May 15, 1989-94.. .4V6 1,560 July 9, 1964 800 Nov. 15, 1964. 5,963 Nov. 15, 1966 33/8 K851 Feb. 15, 1995 3 2,496 J J u u l l y y 1 1 6 5 , , 1 1 9 9 6 6 4 4 1. 8 99 00 8 A M p a r y . 1 1 5 , , 1 1 9 9 6 6 5 5 . . • 45/| 1, 4 8 6 1 6 6 J M un ar e . 1 1 5 5 , , 1 1 9 9 6 6 6 7 - - 7 7 1 2 . . . . . . 2 21 V /2 2 1 1 , . 4 3 0 0 6 7 Nov. 15, 1998 31/2 4,444 July 23, 1964 801 May 15, 1965. 7,977 Sept. 15, 1967-72... 21/2 1,952 Convertible bonds July 30, 1964 800 Aug. 13, 1965. 6,202 Nov. 15, 1967 35^ 3,604 Investment Series B Aug. 6, 1964 900 Oct. 1, 1965. '•Wi 315 Dec. 15, 1967-72... 21/2 2,753 Apr. 1, 1975-80... 2 */4 3,199 1 Tax anticipation issue. NOTE.—Direct public issues only. Based on Daily Statement of U.S. Treasury. FEDERALLY SPONSORED AGENCIES, JANUARY 31, 1964 Agency, type and date of issue, Amount Agency, type and date of issue, Amount and coupon rate Maturity o ( f m d il o l l i l o a n r s s) and coupon rate Maturity o ( f m d il o l l i l o a n r s s) Federal home loan banks Federal intermediate credit banks Notes: Debentures: Apr. 15, 1963 3*4 Feb. 17, 1964 235 May 1,1963 3V4 Feb. 3, 1964 273 Sept 16, 1963 3.85 Feb. 17, 1964 247 June 3,1963 3.30 Mar. 2, 1964 231 June 17, 1963 3.40 Mar. 16, 1964 275 July 1,1963 3.45 Apr. 1, 1964 232 Apr. 15, 1963 3.30 Apr. 15, 1964 435 Aug. 1,1963 3.65 May 4, 1964 223 Aug. 15, 1963 3.70 May 15, 1964 330 Sept. 3, 1963 3% June 1, 1964 191 July 16, 1963 31/2 June 15, 1964 326 Oct. 1, 1963 3Vs July 1, 1964 183 Sept. 16, 1963 3.95 July 15, 1964 413 Nov. 4, 1963 3% Aug. 3, 1964 172 Oct. 15, 1963 3.90 Aug. 17, 1964 300 Dec. 2,1963 3.95 Sept. 1, 1964 203 Dec. 9,1963 4.00 Sept. 15, 1964 564 Jan. 2, 1964 4.00 Oct. 1, 1964 256 Federal land banks Bonds: Bonds: June 17, 1963 3y2 Oct. 15, 1964 460 Apr. 20, 1963 4V£ Apr. 20, 1964 147 Sept. 17, 1962 3% Sept. 15, 1965 175 Aug. 8,1963 3% Aug. 20,1964 215 Dec. 9, 1963 4V6 Aug. 15, 1966 200 Dec. 10, 1960 4 Oct. 20, 1964 90 Oct. 20, 1960 4 Oct. 20, 1965 160 June 20, 1961 4 Dec. 20, 1965 115 Federal National Mortgage Association— Apr. 2,1961 35/8 Feb. 21, 1966 150 secondary market operations May 1,1958 3V4 May 2, 1966 108 Debentures: Sept. 20, 1961 414 July 20,1966 193 S M e a p y t. 1 10 1 , , 1 1 9 9 6 6 1 1 3y 4 8 S M e a p y t . 1 1 1 0 , , 1 1 9 9 6 6 4 4 1 8 4 9 4 F M e a b y . 15 1 , , 1 1 9 9 5 6 7 2 4V 4 s F M e a b y . 1 2 5 2 , , 1 1 9 9 6 6 7 7 -72 1 7 8 2 0 Dec. 11, 1961 3% Dec. 11, 1964 111 Oct. 1, 1957 4V2 Oct. 1,1967-70 75 D D Se e e p c c . . t . 1 1 1 0 2 0 , , , 1 1 1 9 9 9 5 6 6 7 0 2 4 3 4 V 3 % 4 s J D M u e a n c r . e . 1 1 1 0 2 0 , , , 1 1 1 9 9 9 6 6 6 6 6 5 1 9 9 0 3 8 8 A O M p c a t r y . . 22 1 1 , , , 1 1 1 9 9 9 5 6 6 9 3 3 4 4 V i/ 4 4 8 J O M u c n a t e r . . 2 2 2 0 0 3 , , , 1 1 1 9 9 9 6 6 6 8 8 7 1 1 8 8 7 6 6 4 A D A A J S F S F M u e e e e e p u p n b a b p p c g r r . e . r . t t . . . . . . 2 1 1 1 1 1 1 1 1 1 3 0 0 0 2 2 3 1 1 1 , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 6 6 6 5 5 6 6 6 6 6 0 1 2 9 8 1 0 0 1 0 4 4 4 5 4 4 4 4 3 4 1 V V i % 5 i y y y / / / / 2 8 4 8 8 8 8 8 8 A J J A S A S F M F e e u e u p p e u a p p b n n r b r g r t t . . . . e e . . . . 1 1 1 1 1 1 1 1 1 1 0 1 0 0 0 0 2 2 0 0 , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 7 6 6 7 7 7 7 7 7 7 1 8 9 2 0 1 7 3 2 0 1 1 1 1 1 1 9 8 6 8 1 4 4 0 0 9 8 7 4 8 9 6 6 0 0 8 J J F F F F M S F u a e e e e e e n l a b b b b b p y . y . . . . . t . . 2 2 1 1 1 1 0 5 2 0 4 1 4 5 , , , , , , , , , 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 6 6 6 6 5 5 5 5 5 0 0 3 2 8 9 6 7 6 5 3 4 3 4 4 5 3 4 V V V 5 ? ! % y y / / / 2 8 8 2 2 s 8 8 J A S J M F F M F u u e e e e p l a l a b b p b y y r y . r . . t . . . 2 2 2 2 2 1 1 0 0 0 0 0 1 5 5 1 , , , , , , , , ,1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 7 7 7 6 6 7 7 7 7 1 2 3 4 9 9 0 0 0 -78 1 1 1 1 6 6 8 8 5 8 0 0 4 0 0 2 3 5 5 9 0 8 Tennessee Valley Authority Short-term notes 35 Banks for cooperatives Debentures: Bonds: D A O e c u c t g . . . 2 1 1 , , , 1 1 1 9 9 9 6 6 6 3 3 3 3 3 3 . 5 % 8 / 0 8 J F A u e p b n r . . e 3 1 1 , , . 1 1 1 9 9 9 6 6 6 4 4 4 2 1 1 0 9 9 0 3 6 J F N u e o l b y v . . 1 1 1 5 , , , 1 1 1 9 9 9 6 6 6 1 2 0 4 4 4 . 5 4 y / 0 2 8 J N F u e o l b v y . .15 1 1 , , , 1 1 1 9 9 9 8 8 8 5 6 7 4 5 5 5 0 0 NOTE.—These securities are not guaranteed by the U.S. Govt.; see also NOTE to table at top of following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

368 CREDIT AGENCIES; SECURITY ISSUES MARCH 1964 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Asset F s ederal home loa L n i a b b a il n it k i s es and capital (s F M e e c d o o o e r p n t r e d g a r a l a a r g t y N e i o a m n A ti s a o s ) r s n k n a e . l t coo B pe f a o r n a r k t s ives i c n r t e F e d r e i m d t e e b r d a a i n l a k te s F b e l a a d n r s i i d k J r s al End of period Ad- Mort- Deben- Loans Loans Mortvances Cash Bonds Mem- gage tures to Deben- and Deben- gage to Invest- and and ber Capital loans and cooper- tures dis- tures loans Bonds mem- ments de- notes de- stock notes atives counts bers posits posits (A) (L) (A) (L) (A) (L) (A) (L) 1955 1,417 765 62 975 698 516 83 371 110 693 657 1,497 1,191 1956 1,228 1,027 62 963 683 607 628 200 457 143 747 705 1,744 1,437 1957 1,265 908 63 825 653 685 1,562 1,315 454 222 932 886 1,919 1,599 1958 1,298 999 75 714 819 769 1,323 1,100 510 252 1,157 1,116 2,089 1,743 1959 2,134 1,093 103 1,774 589 866 1,967 1,640 622 364 1,391 1,356 2,360 1,986 I960 1,981 1.233 90 1,266 938 989 2,788 2,523 649 407 1,501 1,454 2,564 2,210 1961 2,662 1,153 159 1,571 1,180 1,107 2,770 2,453 697 435 1,650 1,585 2,828 2,431 1962 3,479 1,531 173 2,707 1,214 1,126 2,752 2,422 735 505 1,840 1,727 3,052 2,628 1963—Jan... 2,802 1,876 87 2,348 1,155 1,128 2,708 2,370 111 505 1,858 1,729 3,069 2,628 Feb... 2,611 1,883 81 2,096 1,213 1.129 2,599 2,343 775 480 1,926 1,787 3,089 2,661 Mar.. 2,514 1,974 62 2,003 1,283 1,130 2,446 2,126 761 480 1,892 1,842 3,118 2,661 2,635 1,702 87 1,908 1,250 1,133 2,285 2,043 745 491 2,108 1.935 3,147 2,661 May!\ 2,740 1,720 75 2,035 1,236 1,134 2,126 1,984 702 489 2,210 2; 037 3,176 2,725 June.. 3,270 1,937 159 2,770 1,325 1,137 2,072 1,960 701 459 2,293 2,133 3,198 2,725 July.. 3,548 ,525 94 2,816 ,069 1,146 2,038 1,950 711 459 2,352 2,203 3,218 2,725 Aug.. 3,758 ,511 70 3,036 1,011 1,148 2,030 1,916 706 473 2,360 2,233 3,240 2,796 Sept.. 4,024 ,484 96 3,299 1,014 1,153 2,028 1,899 735 473 2,318 2,233 3,259 2,796 Oct... 4,226 1,537 131 3,599 986 1,150 2,027 1,884 848 526 2,169 2,139 3,280 2,834 Nov.. 4,290 1,515 96 3,599 978 1,166 2,020 1,792 858 526 2,083 2,027 3,291 2,834 Dec... 4,784 ,906 159 4,363 1,151 1,171 2,000 1,788 840 589 2,099 1,952 3,310 2,834 1964—Jan.. . 4,414 1,730 101 3,961 994 1,176 1,988 1,786 866 589 2,102 1,964 3,333 2,836 NOTE.—Data from Federal Home Loan Bank Board, Federal National banks, bonds held within the FHLB System), and are not guaranteed by Mortgage Assn., and Farm Credit Admin. Among the omitted balance the U.S. Govt.; for a listing of these securities, see preceding page. Loans sheet items are capital accounts of all agencies, except or stock of home are gross of valuation reserves and represent cost for FNMA and unpaid loan banks. Bonds, debentures, and notes are valued at par. They principal for other agencies. include only publicly offered securities (excluding for the home loan NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Total Use of proceeds Period a d m e o li u v n - t Total G g o a e b t a n i l l o e i- n r- s R n e u v e e- PHAi G l U o o a .S v n . t s . State S d a i p s a s u t e n t a t c r d h t i i . c a . t l Other 2 ered 3 Total c E a d ti u o - n b R r a o i n d a d g d e s s i U ti t e i s l- 4 H in o g u 5 s- V a a e n i t d s e ' r- O [ p . o p th u se r e - s r ] 1957 6,926 4,795 1,965 66 99 1,489 1,272 4,164 6,568 6,875 2,524 1,036 1,517 113 333 1,352 1958 7,526 5,447 1,778 187 115 1,993 1,371 4,162 7,708 7,441 2,617 1,164 1,412 251 339 1,657 1959 7,697 4,782 2,407 332 176 1,686 2,121 3,890 7,423 7,589 2,318 844 1,985 401 355 1,685 W, 1960 7,292 4,771 2,095 302 125 1,110 1,984 4,198 7,102 7,247 2,405 1,007 1,316 426 201 1,891 1961 8,566 5,724 2,407 315 120 1,928 2,165 4,473 8,301 8,463 2,821 1,167 1,700 385 478 1,913 1962 8,845 5,582 2,681 437 145 1 419 2,600 4,825 8,732 8,568 2,963 1,114 1,668 521 125 2,177 1962—Nov... 610 403 194 12 121 200 289 650 578 213 97 150 2 116 Dec.... 572 277 173 117 6 54 242 276 544 550 163 14 93 117 163 1963—Jan.... 978 527 429 21 41 250 686 657 732 310 99 182 2 139 Feb.... 834 431 383 20 100 342 391 843 726 238 114 85 91 197 Mar... 1,012 674 210 138 16 265 332 416 880 974 251 52 231 142 298 Apr.... 948 692 240 16 156 207 585 1,003 866 369 70 225 1 202 May... 952 437 500 15 168 424 359 899 861 214 69 346 56 176 June... 1,089 422 639 28 134 528 426 912 945 251 39 194 114 347 July... 885 447 416 21 77 422 386 1,100 647 246 67 126 26 182 Aug... 754 392 232 116 14 186 285 283 928 706 260 32 143 123 148 Sept... 464 318 119 25 93 72 298 701 448 204 33 77 31 103 Oct.... 1,313 672 622 20 143 485 685 564 1,103 262 133 335 9 365 Nov... 660 391 226 43 184 135 340 1,039 639 241 99 203 2 94 1 Only bonds sold pursuant to 1949 Housing Act; secured by contract 5 Includes urban redevelopment loans. requiring the Public Housing Administration to make annual contributions NOTE.—The figures in the first column differ from those shown on the to the local authority. following page, which are based on Bond Buyer data. The principal 2 Municipalities, counties, townships, school districts. difference is in the treatment of U.S. Govt. loans. 3 Excludes U.S. Govt. loans. Based on date of delivery to purchaser Investment Bankers Assn. data; par amounts of long-term issues. (and payment to issuer) which occurs after date of sale. Based on date of sale unless otherwise indicated. 4 Water, sewer, and other utilities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1964 SECURITY ISSUES 369 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues l Prop a o l s l e c d o u rp se o r o a f t e n i e s t s u p e ro s c 5 eeds, Noncorporate Corporate New capital Period Re- Total U.S. G U o .S v . t. S U t . a S t . e Bonds Stock Total New Other m ti o r e e f n - t Govt.2 a c g y e n 3 - l a o n c d al Other « Total Total o P f l f i u e c r l b y e - d p v l P a a t r c e i e - ly d fe P r r r e e - d C m o o m n - Total money6 p p o u s r e - s s ri e t c ie u s - 1956, 22,405 5,51-3' 169 5,446 334 10939 I,002 4,225 3 777 636 2,301 10749 10 384 9,663 721 364 1957. . 30,571 9,601 572 7 6,958 557 1? 884 <;,957 6,118 1 839 411 2,516 P 66] 1?447 11,784 661 214 1958. . 34,443 1?,06^ 2,321 7,449 1,052 11 558 ,653 6,332 1 l?0 571 1,334 11 17? 10 8?1 9,907 915 549 1959 31,074 12,322 707 7,681 616 9 748 ,190 3,557 3 632 531 2,027 9 527 9 392 8,578 814 135 1960 ?7 S41 7,90f> 1,672 7,230 579 10 1S4 .081 4,806 1 ?75 409 1,664 9 974 9 653 8,758 895 271 1961. . 35,494 1? 1,448 8,345 302 n 147 <;4^5 4 706 4 7?0 449 3,273 P 874 11 979 10,8?9 1 ISO 895 1962. . 29975 8,59f) 1,188 8,558 869 10 770 <;,016 4,487 4 5?9 436 1,318 10 57? 9 814 8,1?1 1 491 757 1963. . 31,616 7,?n 1,168 10,107 891 i? ?V 1f,87? 4,714 6,1S8 342 1,022 PJ 081 10 551 8,991 1 561 1,528 1962--Dec • 2,149 295 547 111 l 197 1,072 264 808 59 65 1 184 1 103 923 180 81 1963-—Jan • 2,708 774 999 240 695 350 743 30 71 684 611 563 50 72 Feb . 2,166 425 148 810 141 642 548 259 289 17 77 631 594 448 146 37 Mar.... . 2,830 19f 989 82 i 363 1,771 499 774 17 74 1,349 1 144 1,056 88 205 . 2,927 716 186 915 62 l 049 832 380 452 26 191 1, 034 930 812 118 104 May!!.'."• 2,781 40<l 902 131 i 340 1^44 550 694 17 78 1J l^l 904 830 74 419 June.... • 5,054 2,252 459 1,072 25 l 246 1,133 459 675 38 75 1,230 1 013 783 230 217 J A u u ly g.... . rl 2 , ,0 9 8 8 9 0 4 3 1 9 1 8 7 72 8 6 9 1 7 0 8 0 7 8 5 1 6 0 '6 7 5 1 6 0 2 3 7 3 9 6 7 4 3 3 1 1 9 3 3 5 9 6 6 1 5 t 7 74 9 5 7 r 6 6 7 3 6 8 '5 5 6 8 6 8 7 8 1 9 1 1 0 2 7 1 Sept • 1,673 347 452 4 871 784 283 501 5 81 862 795 730 65 67 Oct • r2,977 394 174 1,282 '10 'i, 116 '992 511 1481 '34 91 101 013 '912 r100 '88 Nov . r2, 117 333 200 688 5 '891 '732 '183 549 '54 106 879 r819 '606 r212 '61 Dec • 2,312 357 483 13 I,459 l,376 626 751 30 53 1,444 1 415 1,098 316 30 Proposed uses of net proceeds,major groups of corporate issuers Manufacturing C m om is m ce e l r la c n ia e l o a u n s c1 Transportation Publicutility Communicatiorl a R nd e a f l i n e a st n a c t i e al Period Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment o New ment of New iment of New ment of capital8 secu- capital8 secu- capital8 secu- capital8 secu- capital8 secu- capital8 securities rities rities rities rities rities 1956. 3,336 243 682 51 694 ?0 ?,474 14 1.384 21 1,815 17 1957 4,104 49 579 29 802 14 3,821 51 1,441 4 1,701 67 1958. 3,265 195 867 13 778 38 1,605 138 1,?94 118 1,014 47 1959 1,941 70 812 28 942 15 3,189 15 707 * 1,801 6 1960 1,997 79 794 30 672 39 2,754 51 1,036 1 2,401 71 1961. 3,708 306 1,095 46 680 ?6 ?,892 104 1,4?7 378 2,176 36 1962. 3,020 204 832 29 551 30 ?,357 445 1,?81 10 1,773 39 1963 3,312 190 774 55 873 83 1,935 699 726 356 2,933 144 1962-—Dec 345 31 104 4 90 13 252 25 54 3 257 5 1963-_jan 135 5 49 2 99 114 65 125 91 1 Feb . 220 6 52 1 30 115 30 68 110 * Mar 592 31 85 5 143 97 61 43 3 183 105 Apr .... 148 5 64 12 34 342 86 71 271 May . 216 29 60 2 101 60 222 58 92 262 212 9 227 10 114 3 109 12 230 179 58 8 276 5 July .. 297 28 63 4 35 107 82 86 5 89 2 272 3 50 7 36 100 22 ?5 71 '155 4 Sept .. 237 47 32 4 61 ft 78 * 19 1 348 7 Oct . . . '240 '5 '60 '4 '25 "> '201 '73 '41 4 '446 n Nov '214 '8 '41 5 '83 r131 41 11 '3 '337 '4 Dec 515 13 104 8 118 1 198 2 64 * 416 6 1 Gross proceeds are derived by multiplying principal amounts or 6 For plant and equipment and working capital. number of units by offering price. 7 Beginning with 1957 this figure differs from that shown on the previ- 2 Includes guaranteed issues. ous page because this one is based on Bond Buyer data. 3 Issues not guaranteed. 8 All issues other than those for retirement of securities. * Foreign governments, International Bank for Reconstruction and Development, and domestic nonprofit organizations. NOTE.—Securities and Exchange Commission estimates of new issues 5 Estimated gross proceeds less cost of notation. maturing in more than 1 year sold for cash in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

370 SECURITY ISSUES MARCH 1964 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers All securities Bonds and notes Common and preferred stocks Period New ssues Retirements Net change New Retire- Net New Retire- Net issues ments change issues ments change I c n o v s e . s 1 t. Other In co v s e . s 1 t. Other In co v s e . s 1 t. Other 1957 14,350 3,609 10,741 9,638 2,584 7,053 1,391 3,321 406 618 985 2,703 1958 14,761 5,296 9,465 9,673 3,817 5,856 2,018 3,070 515 964 1,503 2,106 1959 12,855 4,858 7,998 7,125 3,049 4,076 2,353 3,377 785 1,024 1,568 2,354 I960 13,084 5,033 8,051 8,072 3,078 4,994 2 288 2,724 869 1,086 1,419 1,638 1961 16,745 6,967 9,778 9,225 4,090 5,134 3,259 4,261 1,811 1,696 2,078 2,566 1962 13,490 6,249 7,241 8,593 3,566 5,028 2,788 2,109 1,123 1,561 1,665 548 1962—III 2,744 1,634 1,110 1,816 1,082 734 500 428 235 317 265 111 IV 3,423 1,576 1,848 2,503 960 1,543 511 409 286 330 225 7 1963—1 3,074 1,803 1,272 2,096 1,087 1,009 608 370 348 367 260 3 II 4,176 2,449 1,727 3,013 1,540 1,473 613 550 396 513 217 36 Ill 3,297 2,004 1,293 2,189 1,230 959 659 449 389 385 270 64 Type of issuer Manu- Commercial Transpor- Public Communi- Real estate facturing and other 2 tation 3 utility cation and financial 4 Period & B o n n o d te s s Stock & B o n n o d te s s Stock & B o n n o d te s s Stock & B o n n o d te s s Stock & B o n n o d te s s Stock & B o n n o d te s s Stock 1957 1,779 1,391 169 24 289 2 585 815 1 236 198 995 1,259 1958 2,191 -61 417 9 413 -93 2,133 1,027 494 1,070 206 1,656 1959 316 425 217 158 335 2 1,738 1,028 475 443 994 1,866 1960 . . 399 451 261 -91 173 -42 1,689 635 901 356 1,572 1,749 1961 1,938 318 505 -431 63 1 1,655 700 148 1,472 825 2,584 1962 1,479 -403 313 -173 -61 -34 1,301 487 1,178 363 819 1,972 1962—III 291 -159 8 11 —27 -12 87 134 244 100 132 302 IV 390 -83 78 -35 40 — 11 316 69 308 97 410 268 1963 I 391 -102 58 -18 100 -3 190 25 197 87 73 273 II 460 -224 112 -14 131 -31 250 167 99 101 422 254 Ill 378 -60 17 -27 -95 27 148 8 82 131 429 254 1 Open-end and closed-end cos. exclude foreign and include offerings of open-end investment cos., sales 2 Extractive and commercial and misc. cos. of securities held by affiliated cos. or RFC, special offerings to employees, 3 Railroad and other transportation cos. and also new stock issues and cash proceeds connected with conversions 4 Includes investment companies. of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for NOTE.—Securities and Exchange Commission estimates of cash trans- that purpose shown on p. 369. actions only. As contrasted with data shown on p. 369,'new issues OPEN-END INVESTMENT COMPANIES (In millions of dollars) Sales and redemption Assets (market value Sales and redemption Assets (market value of own shares at end of period) of own shares at end of period) Year Month Sales Re ti d o e n m s p- s N al e e t s Total i po C si a ti s o h n 2 Other Sales Re t d io e n m s p- s N al e e t s Total i po C si a ti s o h n 2 Other 1952 783 196 587 3,931 1963—Jan... 235 116 118 22,447 1,336 21,111 1953 672 239 433 4,146 Feb... 166 115 51 22,015 1.401 20,614 1954 863 400 463 6,110 309 5,801 Mar... 200 117 84 22,639 1,350 21,289 Apr... 203 133 70 23,487 1,256 22,231 1955 1,207 443 765 7,838 438 7,400 May.. 194 132 61 24,038 1,286 22,752 1956 1,347 433 914 9,046 492 8,554 June.. 195 115 79 23,692 1,166 22,526 1957 1,391 406 984 8,714 523 8,191 July... 219 124 95 23,550 1,310 22,240 1958 1,620 511 1,109 13,242 634 12,608 Aug... 193 123 69 24,925 1,287 23,638 1959 2,280 786 1,494 15,818 860 14,958 Sept... 206 142 64 24,496 1,300 23,196 Oct.... 214 132 82 24,914 1,374 23,540 1960 2,097 842 1,255 17,026 973 16,053 Nov... 210 123 87 24,774 1,419 23,355 1961 2,951 1,160 1,791 22,789 980 21,809 Dec... 225 132 92 25,214 1,341 23,873 1962 2,699 1,123 1,576 21,271 1,315 19,956 1963 2,460 1,504 952 25,214 1,341 23,873 1964—Jan... 294 183 110 25,854 1,383 24,471 1 Market value at end of period less current liabilities. NOTE.—Investment Co. Institute data based on reports of members, 2 Cash and deposits, receivables, all U.S. Govt. securities, and other which comprise substantially all open-end investment cos. registered with hort-term debt securities, less current liabilities. the Securities and Exchange Commission. Data reflect newly formed cos. after their initial offering of securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1964 BUSINESS FINANCE 371 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1962 1963 Industry 1958 1959 1960 1961 1962 1 ][ II III IV l I 1 II 1 III 1 Manufacturing Total (180 corps.): Sales 05 134 118 473 849 135 579 33 9Q1 34 60^ 31 995 35 690 34 549 37 521 34 861 Profits before taxes 10,466 14,090 13,463 13^200 15,401 3908 4 096 3,187 4,210 3,960 4,721 3,717 5,714 7,440 7,121 7, 135 8,184 2 033 2 096 1,700 2,355 2,078 2,431 1,981 Nond D u i r v a i b d l e e n d g s oods industries (79 corps.): 2 4,078 4,342 4,464 4,714 5,022 1 154 1 158 1,163 1,548 1,164 1,315 1,165 Sales 41 541 45 44? 47 777 49, 737 52077 1?793 1? 984 P 981 133^0 13 207 13 818 13 941 Profits before taxes 4,402 5,648 5,570 5,589 6,001 1461 1 501 1453 1,586 1,512 1,617 1,657 7 574 3 710 3 710 3,719 3416 816 815 877 95Q 867 899 942 Dividends 1,785 1,912 1,953 2 037 2,153 512 513 517 611 539 539 530 Durable goods industries (101 corps.): 3 Sales 593 7? 981 75 849 73 617 83 50? 70 499 ?1 619 19 014 ?9 371 21 342 23 703 20 920 Profits before taxes 6,065 8,442 7,893 7 611 9,400 2 447 2 595 1 734 2,624 2,448 3,083 2,060 Profits after taxes 3 140 4,731 3,911 3916 4 768 1717 178? 873 397 1 211 1 532 1 039 Dividends 2,294 2,430 2,510 2 677 2,870 642 644 647 936 626 776 636 Selected industries: Foods and kindred products (25 corps.): Sales 10707 11303 11901 1? 607 13 174 3731 3 767 3 378 3 268 3 470 3 557 Profits before taxes 1,152 1,274 1,328 1417 1,440 336 355 380 368 334 386 404 555 604 631 670 685 160 167 180 178 162 195 Dividends .» 312 344 367 392 419 103 103 104 109 108 110 110 Chemicals and allied products (21 corps.): Sales 10,390 11,979 12,411 12825 13,978 3 372 3,567 3 467 3,572 3,508 3,788 3,765 Profits before taxes 1,538 ,187 ,010 1989 ,779 545 586 546 553 548 621 607 Profits after taxes 879 1 131 1061 1039 1 160 779 797 783 301 283 318 319 Dividends 717 799 795 843 876 198 196 199 283 204 204 194 Petroleum refining (16 corps.): Sales 1? 838 13 377 13815 14483 15,013 3771 3 61? 3 714 3,916 3 959 3 937 4 028 Profits before taxes 919 1,187 1,767 1737 1,36? 343 300 4^0 390 343 387 791 969 1,076 1075 1084 76? ^55 341 304 265 303 Dividends 516 518 521 528 566 139 142 141 145 151 149 150 Primary metals and products (35 corps.): Sales 19,226 21,035 2C,898 20 308 21,361 5 733 5,535 4 992 5,102 5,155 6,151 5,498 P P r r o o f f i i t t s s b af e t f e o r r e ta t x a e x s es ? 1t 1 1 8 5 ? 4 1, , 3 7 3 7 1 ? 1, , 1 71 7 5 0 1 1 9 0 9 6 8 7 1 1 ,8 0 6 0 0 3 6 3 ? 7 0 0 7 5 6 0 9 5 3 18 5 6 3 9 3 9 8 8 3 4 2 3 3 1 1 7 3 1 7 3 2 4 2 7 5 4 3 Dividends 802 831 840 845 821 209 210 210 192 180 182 182 Machinery (25 corps.): Sales 14685 17,095 16876 17576 19 177 4 537 4 916 4 665 5,008 4 768 5 120 5 111 Profits before taxes 1,463 1,890 1,499 67? 1.913 454 490 457 5P 481 535 537 Profits after taxes 734 934 763 838 957 778 ^65 239 266 263 Dividends 422 448 482 497 520 129 129 129 133 137 140 140 Automobiles and equipment (14 corps.): Sales 18469 731 75 738 7? 779 7,8603 6 904 7 515 5 708 8,476 7 851 8 615 6 421 Profits before taxes 1 33? 2,985 3,185 788 4,376 1096 1 753 589 1389 1 265 1 469 673 706 j 479 1 577 1410 7 136 531 596 791 599 704 331 Dividends • 758 807 833 969 1,148 215 216 216 501 216 361 220 Public Utility Railroad : Ooeratinc revenue 9 565 9,825 9,514 9,189 9,440 2,296 2,408 2 332 2 405 2,238 2,474 2,398 Profits before taxes 843 845 648 6? 5 7?8 133 186 179 937 116 252 197 Profits after taxes 60? 578 445 38? 571 66 105 P5 975 82 189 156 Dividends . . . . 419 406 385 359 367 85 92 67 123 89 103 66 Electric power: Operating revenue •. 10 195 11,129 11,906 12,478 13,252 3,399 3,206 3,255 3 392 3,830 3,377 3,481 Profits before taxes 704 ,983 3,163 3,349 3 591 1051 835 887 818 1 100 848 930 Profits after taxes 1519 1,655 1,793 1,883 2,053 585 472 488 508 626 498 529 Dividends 1 134 1 1,307 1,374 1,459 366 371 356 366 392 378 384 Telephone: Operating revenue 6 939 7,572 I,111 8,615 9,196 2,245 2,296 2,300 2 355 2,365 2,440 2,465 Profits before taxes 860 153 ,3?6 ,478 ,639 648 678 683 630 672 711 725 Profits after taxes 921 1,073 1,155 1,233 1,327 320 335 337 335 336 357 368 674 743 806 867 935 231 232 235 237 225 255 252 1 Figures have not been adjusted for the varying treatment by indi- Telephone. Data obtained from Federal Communications Commisvidual cos. of additional depreciation under the new guidelines and of sion on revenues and profits for telephone operations of the Bell System the investment tax credit. Consolidated (including the 20 operating subsidiaries and the Long 2 Includes 17 cos. in groups not shown separately. Lines and General departments of American Telephone and Telegraph 3 Includes 27 cos. in groups not shown separately. Co.) and for 2 affiliated telephone cos. Dividends are for the 20 operating subsidiaries and the 2 affiliates. NOTE.—Manufacturing corps. Data are obtained primarily from All series. Profits before taxes are income after all charges and before published co. reports. Federal income taxes and dividends. For description of series see Railroads. Interstate Commerce Commission data for Class I line- June 1949 BULL., pp. 662-66 (manufacturing); Mar. 1942 BULL., pp. haul railroads. 215-17 (public utilities); and Sept. 1944 BULL., p. 908 (electric power). Electric power. Federal Power Commission data for Class A and B Back data available from Division of Research and Statistics. electric utilities, except that quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve to include affiliated nonelectric operations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

372 BUSINESS FINANCE MARCH 1964 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e a ro f x o f e i r t s e s c ta o I x n m e - s e P t a a r f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d fi t i t e s s d - co c a n a l t l s i p o o u i w n t m a - l p- Quarter P b t e a ro f x o f e i r t s e s c ta o I x n m e - s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d fi t i t e s s - d co c a n a t l i s l p o o u i w n t m a - l pances 1 ances i 1955 44.9 21.8 23.0 11.2 11.8 18.4 1962—1.. 45.9 21.7 24.2 16.2 8.0 30.3 1956 44.7 21.2 23.5 12.1 11.3 20.0 II. 46.7 22.1 24.6 16.4 8.2 30.7 1957 43.2 20.9 22.3 12.6 9.7 21.8 III. 46.2 21.9 24.3 16.5 7.8 31.0 1958 37.4 18.6 18.8 12.4 6.4 22.7 IV. 48.4 22.9 25.5 17.1 8.4 31.3 1959 47.7 23.2 24.5 13.7 10.8 24.3 1963—1.. 48.3 22.9 25.4 17.1 8.3 31.7 1960 44.3 22.3 22.0 14.5 7.5 25.6 II.. 51.0 24.2 26.8 17.6 9.2 32.1 1961 43.8 22.0 21.8 15.3 6.5 26.8 III. 52.2 24.7 27.5 17.6 9.8 32.7 1962 46.8 22.2 24.6 16.6 8.1 30.8 l Includes depreciation, capital outlays charged to current accounts, and NOTE.—Dept. of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts. Notes and accts. End of period working U.S. receivable payable Accrued capital Total Cash s G ec o u v r t i . - I t n o v ri e e n s - Other Total F in e c d o e m ra e l Other ties G U o . v S t . . i Other G U o . v S t . .i Other taxes 1956 107.4 237.9 34.8 19.1 2.6 95.1 80.4 5.9 130.5 2.4 81.5 17.6 29.0 1957 111.6 244.7 34.9 18.6 2.8 99.4 82.2 6.7 133.1 2.3 84.3 15.4 31.1 1958 118.7 255.3 37.4 18.8 2.8 106.9 81.9 7.5 136.6 1.7 88.7 12.9 33.3 1959 124.2 277.3 36.3 22.8 2.9 117.7 88.4 9.1 153.1 1.7 99.3 15.0 37.0 1960 128.6 289.0 37.2 20.1 3.1 126.1 91.8 10.6 160.4 1.8 105.0 13.5 40.1 1961 136.8 306.0 40.3 19.7 3.4 135.5 95.2 12.0 169.3 1.8 111.6 14.0 41.9 1962—11 140.4 313.3 37.2 19.6 3.3 141.0 98.7 13.5 172.9 1.8 113.4 13.6 44.1 HI 141.3 320.5 37.5 19.0 3.4 146.4 100.5 13.7 179.2 1.9 117.7 14.6 45.0 IV 144.0 325.9 41.0 20.1 3.6 146.5 100.9 13.7 181.9 2.0 119.8 14.9 45.1 1963—I 144.9 327.7 36.9 20.7 3.5 148.7 102.7 15.2 182.8 2.3 120.2 14.1 46.2 II 147.1 334.7 38.0 20.2 3.3 153.1 104.0 16.0 187.6 2.5 123.8 14.2 47.1 III 149.7 341.6 38.5 19.6 3.4 157.8 105.8 16.6 192.0 2.5 126.6 15.1 47.7 1 Receivables from, and payables to, the U.S. Govt. exclude amounts NOTE.—Securities and Exchange Commission estimates; excludes offset against each other on corps.' books. banks, savings and loan assns., and insurance cos. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Total Period Total Durable d N ur o a n b - le Mining Railroad Othsr u P ti u l b it l i i e c s n C i o c m ati m on u s - Other i a ( r n S a n . t u e A ) a . l 1956 35.08 7.62 7.33 1.24 1.23 1.71 4.90 2.68 8.36 1957.. . . 36.96 8.02 7.94 1.24 1.40 1.77 6.20 3.03 7.37 1958 30.53 5.47 5.96 .94 .75 1.50 6.09 2.62 7.20 1959 32 54 5.77 6 29 99 .92 2 02 5 67 2.67 8 21 I960 35.68 7.18 7.30 .99 1.03 1.94 5.68 3.13 8.44 1961 34 37 6.27 7.40 .98 .67 1.85 5 52 3.22 8 46 1962 37.31 7.03 7.65 1.08 .85 2.07 5.48 3.63 9.52 1963r 39.22 7.85 7.84 1.04 1.10 1.92 5.65 3.79 10 03 19642 43 19 8 97 8 75 1 04 1.38 2 06 6 01 1498 1962—III 9.62 1.79 1.93 .28 .24 .50 1.54 .87 2.48 38.35 IV 10.18 2.03 2.10 .27 .20 .50 1.52 .95 2.60 37.95 1963 I . 8.25 1.62 1.65 .24 .21 .39 1.04 .85 2.26 36.95 II 9.74 1.96 1.95 .26 .28 .54 L.40 .95 2.41 38.05 HI 10.14 1.96 1.99 .27 .29 .45 1.60 .93 2.64 40.00 IV 11.09 2.31 2.25 .28 .33 .54 1.61 1.06 2.72 41.20 1964 12 r 9.15 1.81 1.84 .24 .29 .48 L.12 3 37 41.25 H2 10.99 2.32 2.13 .28 .41 .68 I 51 3 66 42.70 1 Includes trade, service, finance, and construction. NOTE.—Dept. of Commerce and Securities and Exchange Commission 2 Anticipated by business. estimates for corp. and noncorp. business, excluding agriculture. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1964 REAL ESTATE CREDIT 373 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Nonfarm Farm Other Multifamily and holders 2 1- to 4-family houses commercial properties 3 End of period All Finan- All All Finanhold- cial hold- hold- cial Other ers insti- U.S. Indi- ers Finan. Other Finan. Other ers insti- holders 4 tutions1 agen- viduals Total insti- hold- Total insti- hold- tutions1 cies and tutions ! ers tutions i ers others 1941 37.6 20.7 4.7 12.2 31.2 18.4 11.2 7.2 12.9 8.1 4.8 6.4 1.5 4.9 1945 35.5 21.0 2.4 12.1 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.8 1.3 3.4 1956 144.5 111.2 6.0 27.3 134.6 99.0 83.4 15.6 35.6 23.9 11.7 9.8 3.9 6.0 1957 156.5 119.7 7.4 '29.3 146.1 107.6 89.9 17.7 38.5 25.8 12.7 10.4 4.0 6.4 1958 171.8 131.5 7.8 r32.5 160.7 117.7 98.5 19.2 43.0 28.8 14 2 11.1 4.2 6.9 1959 190.8 145.5 10.0 35.3 178.7 130.9 109.2 21.6 47.9 31.9 16.0 12.1 4.5 7.6 I960 206.8 157.6 11.2 38.0 194.0 141.3 117.9 23.4 52.7 35.0 17.7 12.8 4.7 8.2 1961* 226.3 172.6 11.8 41.9 212.4 153.1 128.2 24.9 59.3 39.4 19.9 13.9 5.0 8.9 1962*» 251.6 192.5 12.2 47.0 236.4 166.5 140.4 26.0 69.9 46.6 23.4 15.2 5.5 9.7 1962 I*> 231.1 176.0 12.1 42.9 216.8 155.3 130.0 25.3 61.5 40.9 20.6 14.2 5.1 9.1 UP 237.8 181.5 12.1 44.3 223.1 159.1 133.7 25.5 64.0 42.6 21.5 14.7 5.3 9.4 IIIP 244.5 186.8 12.1 45.6 229.6 162.9 137.1 25.8 66.7 44.3 22.3 14.9 5.4 9.6 IV# 251.6 192.5 12.2 47.0 236.4 166.5 140.4 26.0 69.9 46.6 23.4 15.2 5.5 9.7 1963 IP 257.1 197.2 11.8 48.1 241.6 169.2 143.3 25.9 72.4 48.3 24.1 15.5 5.6 9.9 II* 265.1 204.1 11.2 49.9 249.0 173.7 147.9 25.8 75.3 50.3 25.0 16.1 5.9 10.2 III^ 273.3 210.8 11.1 51.4 256.8 178.3 152.3 26.0 78.5 52.4 26.1 16.6 6.1 10.5 IVP 281.3 217.3 1 Commercial banks (including nondeposit trust cos. but not trust 4 Derived figures; includes debt held by Federal land banks and depts.), mutual savings banks, life insurance cos., and savings and loan Farmers Home Admin. assns. 2 U.S. agencies are FNMA, FHA, VA, PHA, Farmers Home Admin., NOTE.—Based on data from Federal Deposit Insurance Corp., Federal and Federal land banks, and in earlier years, RFC, HOLC, and FFMC. Home Loan Bank Board, Institute of Life Insurance, Depts. of Agricul- Other U.S. agencies (amounts small or current separate data not readily ture and Commerce, Federal National Mortgage Assn., Federal Housing available) included with individuals and others. Admin., Public Housing Admin., Veterans Admin., and Comptroller 3 Derived figures; includes small amounts of farm loans held by of the Currency. savings and loan assns. Figures for first 3 quarters of each year are F.R. estimates. MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings 1 Mutual savings bank holdings2 Residential Residential End of period Other Other Total Total FH in A - - g V u A ar - - C ve o n n - - f n a o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - n fa o r n m - Farm sured anteed tional sured anteed tional 1941 4,906 3,292 1,048 566 4,812 3,884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 1956 » 22,719 17,004 4,803 3,902 8,300 4,379 1,336 19,746 17,703 4,409 7,139 6,155 1,984 59 1957 23,337 17,147 4,823 3,589 8,735 4,823 1,367 21,169 19,010 4,669 7,790 6,551 2,102 57 1958 25,523 18,591 5,476 3,335 9,780 5,461 1,471 23,263 20,935 5,501 8,360 7,073 2,275 53 1959 28,145 20,320 6,122 3,161 11,037 6,237 1,588 24,992 22,486 6,276 8,589 7,622 2,451 55 I960 28,806 20,362 5,851 2,859 11,652 6,796 1,648 26,935 24,306 7,074 8,986 8,246 2,575 54 1961... 30,442 21,225 5,975 2,627 12,623 7,470 1,747 29,145 26,341 8,045 9,267 9,028 2,753 51 1962 34,476 23,482 6,520 2,654 14,308 8,972 2,022 32,320 29,181 9,238 9,787 10,156 3,088 51 1961 n 29,383 20,595 5,820 2,726 12,049 7,072 1,716 28,015 25,318 7,634 9,192 8,492 2,645 51 Ill 29,920 20,953 5,905 2,676 12,372 7,227 1,740 28,589 25,892 7,811 9,231 8,850 2,646 51 IV 30,442 21,225 5,975 2,627 12,623 7,470 1,747 29,145 26,341 8,045 9,267 9,028 2,753 51 1962—1 30,844 21,211 6,003 2,547 12,661 7,817 1,816 29,833 26,940 8,340 9,392 9,208 2,842 51 n 32,194 22,049 6,195 2,593 13,260 8,219 1,927 30,638 27,632 8,662 9,502 9,469 2,954 51 m 33,430 22,824 6,376 2,617 13,831 8,628 1,978 31,484 28,464 8,984 9,633 9,847 2,968 52 rv 34,476 23,482 6,520 2,654 14,308 8,972 2,022 32,320 29,181 9,238 9,787 10,156 3,088 51 1963—1 35,243 23,846 6,627 2,651 14,568 9,270 2,127 33,368 30,143 9,724 10,046 10,373 3,174 51 II 36,939 24,958 6,861 2,837 15,260 9,740 2,241 34,309 30,969 10,023 10,218 10,728 3,290 50 III^ 38,550 26,021 7,130 2,940 15,951 10,216 2,313 35,215 31,833 10,370 10,370 11,093 3,332 50 1 Includes loans held by nondeposit trust cos., but not bank trust depts. and possessions; first and third quarters, estimates based on FDIC data 2 Data for 1941 and 1945, except for totals, are special F.R. estimates. for insured banks beginning in 1962. For earlier years the basis for first and third quarter estimates included F.R. commercial bank call NOTE.—Second and fourth quarters, Federal Deposit Insurance Corp. data and data from National Assn. of Mutual Savings Banks. series for all commercial and mutual savings banks in the United States Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

374 REAL ESTATE CREDIT MARCH 1964 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total Total FHA- g V u A ar - - Other i Farm > Total Total FHA- g V u A ar - - Other Farm insured anteed insured anteed 1941 6,442 5,529 815 4,714 913 1945 976 6,636 5,860 1,394 4,466 776 1956 6,715 6,201 842 1,652 3,707 514 32,989 30,508 6,627 7,304 16,577 2,481 1957 5,230 4,823 653 831 3,339 407 35,236 32,652 6,751 7,721 18,180 2,584 1958 5,277 4,839 1,301 195 3,343 438 37,062 34,395 7,443 7,433 19,519 2,667 1959 5,970 5,472 1,549 201 3,722 498 39,197 36,353 8,273 7,086 20,994 2,844 I960 6,086 5,622 1,401 291 3,930 464 41,771 38,789 9,032 6,901 22,856 2,982 1961 6,785 6,233 1,388 220 4,625 552 44,203 41,033 9,665 6,553 24,815 3,170 1962 7.478 6.859 1.355 5.035 619 46.902 43.502 10,176 6,395 26.931 3,400 1963 9,006 8 134 1,576 680 5 878 872 50,543 46,753 10 790 6,411 29,552 3,790 1962—Dec 1,010 949 142 55 752 61 46,957 43,557 10,215 6,401 26,941 3,400 1963—Jan 647 581 122 48 411 66 47,203 43,805 10,309 6,397 27,099 3,398 Feb 518 447 98 44 305 71 47,348 43,928 10,343 6,390 27,195 3,420 Mar 705 608 125 63 420 97 47,618 44,156 10,388 6,399 27,369 3,462 Apr 705 624 126 68 430 81 47,910 44,407 10,444 6,418 27,545 3,503 May 713 635 129 73 433 78 48,165 44,616 10,483 6,428 27,705 3,549 June 725 657 117 54 486 68 48,421 44,831 10,501 6,432 27,898 3,590 July 821 737 140 57 540 84 48,665 45,028 10,510 6,428 28,090 3,637 Aug. 766 704 140 50 514 62 48,964 45,294 10,564 6,419 28.311 3.670 Sept 716 653 C134 48 471 63 49,233 45,522 10,604 6,402 28,516 3J11 Oct 774 718 147 52 519 56 49,536 45,799 10,658 6,393 28,748 3,737 Nov 680 622 126 54 442 58 49,813 46,057 10,711 6,395 28,951 3,756 Dec 1,236 1,148 172 69 907 QOCO 50,543 46,753 10,790 6,411 29,552 3,790 1 Certain mortgage loans secured by land on which oil drilling or monthly figures may not add to annual totals and for loans outstanding, extracting operations in process were classified with farm through June the end-of-Dec. figures may differ from end-of-year figures, because 1959 and with "other" nonfarm thereafter. These loans totaled $38 monthly figures represent book value of ledger assets whereas year-end million on July 31, 1959. figures represent annual statement asset values, and because data for year-end adjustments are more complete. NOTE.—Institute of Life Insurance data. For loans acquired, the MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS (In millions of dollars) (In millions of dollars) Loans made Loans outstanding (end of period) Total i By type of lender (N.S.A.) Period Total 2 s N c t t i r o o e u n w n c - - H c p h o u a m r s - e e Total 2 F su H in re A - d - a g n V u t A e a e r - - d ti C v o e n o n a n - l - 2 Period S.A. 2 N.S.A. i a n l S s o g a s a s n v n s & - . p I c a n a o n s n m u c ie e r - - s b C m c a o i n e a m r k l - s - M b i s a u n a n g t v u k s - a s l 1945 1,913 181 1,358 5,376 1941 4,732 1,490 404 1,165 218 1945 5,650 2,017 950 1,097 217 1956 10,325 3,699 4,620 35,729 1,486 6,643 27,600 1957 10,160 3,484 4,591 40,007 1,643 7,011 31,353 1956 27,088 9,532 1,799 5,458 1,824 1958 12,182 4,050 5,172 45,627 2,206 7,077 36,344 1957 24,244 9,217 1,472 4,264 1,429 1959 15,151 5,201 6,613 53,141 2,995 7,186 42,960 1958 27,388 10,516 1,460 5,204 1,640 1959 32,235 13,094 1,523 5,832 1,780 1960 14,304 4,678 6,132 60,070 3,524 7,222 49,324 1961 17,364 5,081 7,207 68,834 4,167 7,152 57,515 I960 29,341 12,158 1,318 4,520 1,557 1962 20,754 5,979 8,524 78,770 4,476 7,010 67,284 1961 31,157 13,662 1,160 4,997 1,741 24,734 7,038 9,920 90,849 4,685 6,960 79,204 1962 34.187 15.144 .212 5.851 1,957 1963 1963 36,925 16,716 339 6,354 2,061 1963 1962 1,573 434 616 79,441 4,500 7,015 67,926 JFaenb 1,503 429 576 80,137 4,522 7,047 68,568 Dec 2,916 2,682 1,168 103 444 168 Mar 1,834 573 666 81,042 4,535 7,045 69,462 Apr 2,058 622 760 82,103 4,547 7,068 70,488 1963 May 2,199 651 854 83,281 4,581 7,089 71,611 Jan 2,876 2,658 1,143 100 457 141 June 2,242 638 936 84,525 4,587 7,047 72,891 Feb 2,869 2,424 1,086 88 408 123 July 2,341 619 1,003 85,628 4,621 7,084 73,923 Mar 2,907 2,751 1,261 99 467 126 Aug 2,428 623 1,071 86,836 4,635 7,085 75,116 Apr 2,986 3,065 1,412 112 539 145 Sept 2,196 642 928 87,933 4,662 7,058 76,213 May 3,066 3,233 1.497 116 563 168 Oct 2,387 685 977 89,051 4,679 7,028 77,344 June 3,121 3,177 L,468 119 551 181 Nov 1,856 502 757 89,857 4,683 6,980 78,194 July 3,183 3,515 ,606 127 595 218 Dec 2,118 620 lie 90,849 4,685 6,960 79,204 Aug • . . • 3,213 3,525 1,611 123 612 212 Sept 3,189 3,177 1,442 116 546 190 1964 Oct 3,134 3,534 1,594 125 616 206 Nov 3,149 2,880 .271 103 495 184 Jan 1,740 447 705 91,484 4,701 6,928 79,855 Dec 2 987 I 322 110 504 166 1 Includes loans for repairs, additions and alterations, refinancing, etc. 1 Includes amounts for other lenders, not shown separately. not shown separately. 2 Three-month moving average, seasonally adjusted by Federal Re- 2 Beginning with 1958 includes shares pledged against mortgage loans. serve. NOTE.—Federal Home Loan Bank Board data. NOTE.—Federal Home Loan Bank Board data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1964 REAL ESTATE CREDIT 375 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- to 4-FAMTLY PROPERTIES (In millions of dollars) (In billions of dollars) FHA-insured VA-guaranteed Governmentunderwritten Period Total h N o M m ew e o s rtga h i g s o E e t m i s x n - e g s e P c r t o s j - i m p P r e i e r o m r n o t v y t p - e s - - 2 Total 3 h N o M m ew e o s rtga h i g s o E e t m i x s n - e g s E pe n r d i o o d f Total Total s F u i H n re - A d - a g V n u t A a e r e - - d t C i v o e o n n n a - - l 1945 18.6 4.3 4.1 .2 14.3 1945 665 257 217 20 171 192 1956 99.0 43.9 15.5 28.4 55.1 1956 3,461 1,133 1,505 130 692 5,868 3,910 1 948 1957 107.6 47.2 16.5 30.7 60.4 1957 3,715 880 1,371 595 869 3,761 2,890 863 1958 117.7 50.1 19.7 30.4 67.6 1958 6,349 1,666 2,885 929 868 1,865 1,311 549 1959 130.9 53.8 23.8 30.0 77.0 1959 7,694 2,563 3,507 628 997 2,787 2,051 730 1960 141.3 56.4 26.7 29.7 84.8 1960 6,293 2,197 2,403 711 982 1,985 1,554 428 1961 153.1 59.1 29.5 29.6 93.9 1961. 6,546 1,783 2,982 926 855 1,829 1,170 656 1962P 166.5 62.0 32.3 29.7 104.5 1962 7J84 1.849 3,421 1,079 834 2,652 1,357 1,292 1963 <7,216 1,664 3,905 843 804 3,045 1,272 1,770 1962—IP 155.3 59.9 30.3 29.6 95.4 IIP.... 159 1 60.4 30,9 29.5 98.7 1963 Jan 618 179 324 60 54 254 123 131 rap... 162,9 61.0 31.5 29.5 101.9 Feb 536 141 259 82 54 202 100 101 IVP... 166,5 62.0 32.3 29.7 104.5 Mar 546 137 279 73 57 219 106 113 Apr 540 120 273 86 62 245 114 130 1963—IP 169 2 62 8 33 0 29.8 106 4 May 562 123 292 72 75 260 108 151 UP 173.7 63,5 33.5 30,0 110.2 590 118 301 86 85 226 91 135 HIP 178.3 64.3 34.3 30.0 114.1 July 640 142 369 72 56 265 98 167 Aue 653 136 372 60 86 278 103 175 Sept 617 138 367 46 66 267 103 165 NOTE.—For total debt outstanding, figures are Oct 734 160 407 88 79 316 119 196 FHLBB and F.R. estimates. For conventional, Nov 577 127 317 55 78 258 100 158 figures are derived. Dec 601 142 345 63 52 255 106 149 Based on data from Federal Home Loan Bank Board, Federal Housing Admin, and Veterans Admin. 1964—Jan 666 162 381 62 61 268 114 153 * Monthly figures do not reflect mortgage amendments included in annual totals. 2 Not ordinarily secured by mortgages. 3 Includes a small amount of alteration and repair loans, not shown separately; only such loans in amounts of more than $1,000 need be secured. NOTE.—Federal Housing Admin, and Veterans Admin, data. FHA-insured loans represent gross amount of insurance written; VA-guaranteed loans, gross amounts of loans closed. Figures do not take into account principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY FEDERAL HOME LOAN BANKS (In millions of dollars) (In millions of dollars) Mortgage holdings tr M an o s r a t c g t a i g o e ns Com- Adv ( a e n n c d e s o f o p u e ts ri t o an d d ) ing (during mit- Ad- Repay- Members End of period) ments Period vances ments deposits period Total F su H in r A e - d - a g n V u t A e a e r - - d c P ha u s r e - s Sales bu d u r i n s s- e - d Total t S e h rm or t * - t L e o rm ng - 2 1945 278 213 195 176 19 46 (956. 3,047 978 2,069 609 5 360 1956 745 934 1,228 798 430 683 1957. 3,974 1,237 2,737 1,096 764 1957 1,116 1,079 1,265 731 534 653 1958 3,901 1,483 2,418 623 48? 1,541 1958 1,364 1,331 1,298 685 613 819 1959. 5,531 2,546 2,985 1,907 5 568 1959 2,067 1,231 2,134 1,192 942 589 1960 6,159 3,356 2,803 1,248 357 576 1960 1,943 2,097 1,981 1,089 892 938 1961. 6,093 3,490 2,603 815 541 631 1961 2,882 2,200 2,662 1,447 ,216 ,180 1962 5.923 3,571 2,353 740 498 355 1962 4.111 3.294 3.479 2.005 ,474 ,213 1963 4,650 3,017 1,634 290 1 114 191 1963 '5,601 r4,296 4,784 2,863 ,921 ,151 1963— Tan 5,853 3,552 2,300 34 (^ 336 1963—Jan 249 926 2,802 1,669 ,134 ,155 Feb 5.697 3,469 2,227 17 129 323 Feb 178 370 2,611 1.534 .077 ,213 Mar 5,501 3,375 2,126 28 191 289 Mar 250 348 2,514 1,399 .115 ,282 Apr 5,227 3,269 1,958 28 268 281 Apr '425 '304 2,635 1,516 ,119 ,250 May 4,993 3,164 1,828 26 ?,H 272 May 382 277 2,740 1,585 ,155 ,236 4,883 3,114 1,769 32 102 251 June 696 166 3,270 1,876 ,393 ,325 July 4,795 3,069 1,727 19 74 183 July r710 432 3,548 2,139 ,409 ,069 Aug , 4,752 3,050 1,703 23 29 185 Aug 466 '256 3,758 2,296 ,462 ,011 Sept 4,720 3,034 1,686 21 10 183 Sept 517 251 4,024 2,493 .531 ,014 Oct 4,702 3,033 1,669 23 5 190 Oct 610 408 4,226 2,588 ,638 986 Nnv 4,677 3,021 1,656 15 7 196 Nov 363 299 4,290 2,611 ,679 978 Dec 4,650 3,017 1,634 24 19 191 Dec 754 259 4,784 2,863 ,921 1,151 1964—Jan 4,624 3,006 1,618 21 11 189 1964—Jan 467 837 4,414 2,653 1,762 944 NOTE.—Federal National Mortgage Assn. data excluding conventional 1 Secured or unsecured loans maturing in 1 year or less. mortgage loans acquired by FNMA from the RFC Mortgage Co., the 2 Secured loans, amortized quarterly, having maturities of more than Defense Homes Corp., the Public Housing Admin., and Community I year but not more than 10 years. Facilities Admin. NOTE.—Federal Home Loan Bank Board data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

376 CONSUMER CREDIT MARCH 1964 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Other Repair Auto- consumer and mod- Personal Single- Charge Service Total mobile goods ernization loans Total payment accounts credit paper paper loans1 loans 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1956 42,334 31,720 14,420 8,606 1,905 6,789 10,614 3,253 4,995 2,366 1957 44,970 33,867 15,340 8,844 2,101 7,582 11,103 3,364 5,146 2,593 1958 45,129 33,642 14,152 9,028 2,346 8,116 11,487 3,627 5,060 2,800 1959 51,542 39,245 16,420 10,630 2,809 9,386 12,297 4,129 5,104 3,064 1960 56,028 42,832 17,688 11,525 3,139 10,480 13,196 4,507 5,329 3,360 1961 57,678 43,527 17,223 11,857 3,191 11,256 14,151 5,136 5,324 3,691 1962 63,164 48,034 19,540 12,605 3,246 12,643 15,130 5,456 5,684 3,990 1963 69,890 53,745 22,199 13,766 3,389 14,391 16,145 5,959 5,871 4,315 1963—Jan 62,462 47,920 19,582 12,453 3,211 12,674 14,542 5,430 5,071 4,041 Fcb 61,989 47,852 19,678 12,250 3,185 12,739 14,137 5,479 4,511 4,147 Mar 62,149 48,075 19,930 12,149 3,177 12,819 14,074 5,539 4,374 4,161 Apr 63,167 48,806 20,376 12,197 3,200 13,033 14,361 5,562 • 4,581 4,218 May 64,135 49,484 20,794 12,272 3^45 13,173 14,651 5,674 4,793 4,184 64,987 50,307 21,236 12,422 3,281 13,368 14,680 5,709 4,783 4,188 July 65,491 50,894 21,593 12,459 3,316 13,526 14,597 5,683 4,760 4,154 66,308 51,526 21,819 12,607 3,357 13,743 14,782 5,789 4,839 4,154 Sept 66,538 51,718 21,725 12,702 3,377 13,914 14,820 5,844 4,833 4,143 Oct 67,088 52,257 21,971 12,845 3,400 14,041 14,831 5,830 4,898 4,103 Nov 67,746 52,695 22,107 13,046 3,407 14,135 15,051 5,894 4,999 4,158 Dec 69,890 53,745 22,199 13,766 3,389 14,391 16,145 5,959 5,871 4,315 1964 Jan 69,186 53,580 22,189 13,632 3,354 14,405 15,606 5,900 5,339 4,367 1 Holdings of financial institutions; holdings of retail outlets are in- loans. The estimates include data for Alaska beginning with Jan. 1959 cluded in other consumer goods paper. (except for instalment credit held by sales finance cos.) and for Hawaii beginning with Aug. 1959. For a description of the series see Apr. 1953 NoTE.-7-Consumer credit estimates cover loans to individuals for house- BULL. Back data are available upon request. hold, family, and other personal expenditures, except real estate mortgage INSTALMENT CREDIT (In millions of dollars) Financial institution.s Retail outlets End of period Total Total m b C e a o r n m c k ia s - l fi S n c a o a l n s e . c s e u C n r i e o d n i s t fi s n C u a m o n n c e e - r * Other * Total D st m e o p r e e a n s r t t J - F s t t u o u r r r n e e i s - A s a t p o n p r c e l e i s - d m A ea o u l b t e o i r l - e ss Other 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1956 31,720 26,977 11,777 9,117 2,014 2,940 1,129 4,743 1,408 1,187 377 502 ,269 1957 33,867 29,200 12,843 9,609 2,429 3,124 1,195 4,668 1,393 1,210 361 478 ,226 1958 33,642 28,659 12,780 8,844 2,668 3,085 1,282 4,983 1,882 1,128 292 506 ,175 1959 39,245 33,570 15,227 10,319 3,280 3,337 1.407 5,676 2,292 1,225 310 481 ,368 I960 42,832 37,218 16,672 11,472 3,923 3,670 ,481 5,615 2,414 1,107 333 359 ,402 1961 43,527 37,935 17,008 11,273 4,330 3,799 ,525 5,595 2,421 1,058 293 342 ,481 1962 48,034 41,782 19,005 12,194 4,902 4,131 ,550 6,252 3,013 1,073 294 345 ,527 1963 53,745 46,992 21,610 13,523 5,622 4,590 ,647 6,753 3,427 1,086 287 328 J625 1963—Jan 47,920 42,335 19,129 12,668 4,864 4,134 ,540 5,585 2,478 1 049 290 308 460 Feb 47,852 42,371 19,256 12,556 4,876 4,138 ,545 5,481 2,480 1,027 284 288 ,402 Mar 48,075 42,531 19,450 12,460 4,928 4,139 ,554 5,544 2,566 1,002 278 315 ,383 Apr . . .. 48,806 43,149 19,882 12,506 5,034 4,174 ,553 5,657 2,686 992 273 324 ,382 May 49,484 43,723 20,229 12,583 5,139 4,191 ,581 5,761 2,797 994 274 319 ,377 50,307 44,373 20,602 12,693 5,251 4,241 ,586 5,934 2,925 997 274 331 ,407 July 50,894 44,878 20,874 12,807 5,330 4 276 591 6 016 2 999 994 274 343 406 Aug • 51,526 45,375 21,101 12,906 5,412 4,329 ,627 6,151 3,107 1,004 276 341 ,423 Sept 51,718 45,687 21,145 13,073 5,458 4,381 ,630 6,031 3,025 1,009 279 321 1,397 Oct 52,257 46,161 21,391 13,187 5,529 4 425 I 629 6,096 3,077 1,015 280 325 I 399 Nov 52,695 46,462 21,486 13,302 5,569 4,461 1,644 6,233 3,172 1,032 282 326 1,421 Dec 53,745 46,992 21,610 13,523 5,622 4,590 I 647 6,753 3,427 1,086 287 328 I 625 1964—Jan 53,580 47,166 21,630 13,706 5,584 4,592 1,654 6,414 3,180 1,065 281 328 1,560 1 Consumer finance cos. included with "other" financial institutions 3 Automobile paper only; other instalment credit held by automobile until Sept. 1950. dealers is included with "other" retail outlets. 2 Includes mail-order houses. See also NOTE to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1964 CONSUMER CREDIT 377 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES (In millions of dollars) (In millions of dollars) End of period Total ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s g O p c u o a o t m o p h m d e e e - r r s r e R m l r t o a e n i o n a p o iz n d d a n a s - ir - l s P o o a e n n r a - s l End of period Total m A pa o u p b t e o il r - e s g O p c u o a o t m p o h n d e e e - r r s r m i R z l o o a e a n d a p ti n d e a o s r i n r n- l s P o o e a n r n a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1956 9,117 7,238 1,277 32 570 1956 11,777 3,651 2,075 2,464 1,469 2,118 1957.. . 9,609 7,393 1,509 31 676 1957 12,843 4,130 2,225 2,557 1,580 2,351 1958 8,844 6,310 1,717 36 781 1958 12,780 4,014 2,170 2,269 1,715 2,612 1959 10,319 7,187 2,114 72 946 1959 15,227 4,827 2,525 2,640 2,039 3,196 I960 11,472 7,528 2,739 139 ) .066 I960 16,672 5,316 2,820 2,759 2,200 3,577 1961 11,273 6,811 3,100 161 1,201 1961 17,008 5,391 2,860 2,761 2,198 3,798 1962 12,194 7,449 3,123 170 1,452 1962 19,005 6,184 3,451 2,824 2,261 4,285 1963 13,523 8,228 3,383 158 ,754 1963 21,610 7,246 4,003 3,123 2,361 4,877 1963—Jan 12 668 7,471 3 567 167 ,463 1963—Jan 19,129 6,216 3,492 2,861 2,239 4,321 Feb 12,556 7,477 3,446 165 1,468 Feb 19,256 6,281 3,530 2,865 2,220 4,360 Mar . . 12,460 7,514 3,307 164 1,475 Mar 19,450 6,386 3,592 2,866 2,209 4,397 Apr 12,506 7,639 3,214 162 1,491 Apr 19,882 6,549 3,699 2,895 2,229 4,510 May 12,583 7,778 3,136 162 1,507 May 20,229 6,695 3,794 2,930 2,258 4,552 June.... 12,693 7,934 3,069 162 1,528 June 20,602 6,849 3,869 2,973 2,286 4,625 July 12,807 8,069 3,011 162 1,565 July 20,874 6,976 3,922 2,986 2,312 4,678 Aug . 12,906 8,153 2,986 161 1,606 21,101 7,073 3,936 3,012 2,336 4,744 Sept 13,073 8,099 3,157 161 1,656 Sept 21,145 7,072 3,903 3,033 2,352 4,785 Oct 13,187 8,163 3,186 161 1,677 Oct 21,391 7,177 3,951 3,073 2,370 4,820 Nov 13,302 8,210 3,233 160 1 699 Nov 21,486 7,218 3,984 3,084 2,373 4,827 Dec 13,523 8,228 3,383 158 1,754 Dec 21,610 7,246 4,003 3,123 2 361 4,877 1964—Jan 13,706 8,220 3,578 156 1,752 1964—Jan 21 ..630 7,246 4,016 3,134 2,333 4,901 Sec NOTE to first table on previous page. See NOTE to first table on previous page. INSTALMENT CREDIT HELD BY OTHER NONINSTALMENT CREDIT FINANCIAL INSTITUTIONS (In millions of dollars) (In millions of dollars) Single- Other Repair payment Charge accounts Auto- con- and Per- loans End of period Total mobile sumer modern- sonal 1 1 9 9 3 4 9 1 7 9 8 5 9 7 pap 1 e 8 2 r 1 2 g p o a o p d e 2 3 r s 4 6 iz lo a a ti n o 1 1 s n 4 5 loa 6 7 n 6 8 s 9 5 End of period Total b C m a c o i n e a m r k l - s - t f O u i i n c t n t i i s h a o a t n e i l n - r - s s m p t D o a e r e r e n - t- s t J o O r u e t t t h l a e e i t l r s c C a r r e d d s i 2 t S c e r r e v d i i c t e 1945 731 54 20 14 643 1956 6,083 954 624 404 4,101 1939 2,719 625 162 236 1 178 518 1957.. . . 6,748 1,114 588 490 4,555 1941 3,087 693 152 275 1,370 597 1958 7,035 1,152 565 595 4,723 1945 3,203 674 72 290 1 322 845 1959 8,024 1,400 681 698 5,244 1956. . .. 10 614 2 843 410 893 3 842 260 2 366 I960 9,074 1,665 771 800 5,837 1957. . . . 11 103 2 937 427 876 3 953 317 2 593 1961 9,654 1,819 743 832 6,257 1958 11,487 3,156 471 907 3,808 345 2,800 1962 10,583 2,111 751 815 6,906 1959 12,297 3 582 547 958 3 753 393 3 064 1963. 11,859 2,394 835 870 7,760 I960 13,196 3,884 623 941 3 952 436 3 360 1963—Jan 10,538 2,095 748 805 6,890 1961 14,151 4 413 723 948 3 907 469 3 691 Feb 10,559 2,102 746 800 6,911 1962 15 130 4 690 766 927 4 252 505 3 990 Mar 10,621 2,123 747 804 6,947 1963 16,145 5,047 912 895 4 456 520 4 315 Apr 10,761 2,165 755 809 7,032 May 10,911 2,208 764 825 7,114 1963—Jan... 14,542 4,685 745 775 3,802 494 4,041 June 11,078 2,253 777 833 7,215 Feb... 14,137 4,713 766 646 3,376 489 4,147 July 11,197 2,283 789 842 7,283 Mar... 14,074 4,727 812 587 3,308 479 4,161 Aug 11,368 2,316 799 860 7,393 Apr... 14,361 4,793 769 603 3,505 473 4,218 Sept . . 11,469 2,330 802 864 7,473 May.. 14,651 4,836 838 610 3,699 484 4,184 Oct 11,583 2,355 815 869 7,544 June.. 14,680 4,893 816 599 3,689 495 4,188 Nov 11,674 2,369 822 874 7,609 July... 14,597 4,874 809 555 3,682 523 4,154 Dec 11,859 2,394 835 870 7,760 Aug... 14,782 4,879 910 579 3,713 547 4,154 Sept... 14,820 4,927 917 620 3,667 546 4,143 1964—Jan 11,830 2,379 834 865 7,752 Oct... 14,831 4,952 878 639 3,743 516 4,103 Nov... 15,051 4,987 907 667 3,817 515 4,158 Dec... 16,145 5,047 912 895 4,456 520 4,315 NOTE.—Institutions represented are consumer finance cos., credit unions, industrial loan cos., mutual savings banks, savings and loan 1964—Jan... 15,606 4,991 909 782 4,014 543 4,367 assns., and other lending institutions holding consumer instalment loans. See NOTE to first table on previous page. 1 Includes mail-order houses. 2 Service station and misc. credit-card accounts and home-heating oil accounts. See NOTE to first table on previous page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

378 CONSUMER CREDIT MARCH 1964 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Other consumer Repair and Total Automobile paper goods paper modernization loans Personal loans Period S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.i N.S.A. Extensions 1956 39,868 15,515 11,721 1,582 11,051 1957 42,016 16,465 11,807 1,674 12,069 1958 40,119 14,226 11,747 1,871 12,275 1959 48,052 17,779 13,982 2,222 14,070 1960 49,560 17,654 14,470 2,213 15,223 1961 48,396 16,007 14,578 2,068 15,744 1962 55,126 19,796 15,685 2,051 17,594 1963 60,822 22,013 17,007 2,178 19,624 1963—Jan 4,899 4,385 1,807 1,624 J.36O 1 188 172 132 1.560 1 441 Feb 4,957 4,083 1.809 1,537 L.395 L.039 169 126 1,584 1,381 Mar . .... 4,973 4,702 1,811 1,787 1,406 1,238 180 160 1,576 1,517 Apr 5,008 5,332 1,870 2,072 ,359 1,355 187 195 1,592 1,710 May 4,985 5,294 1,847 2,067 ,357 1,386 188 218 1,593 1,623 June.. 5,054 5,222 1,820 1,967 1,408 1,410 186 199 1,640 1,646 July 5,100 5,365 1,854 2,055 ,409 1,393 191 214 1,646 1,703 5,100 5,242 1,802 1,839 ,441 1,456 185 213 1,672 1,734 Sept 5,093 4,755 1,730 1,524 ,425 1,384 181 193 1,757 1,654 Oct 5,311 5,487 1,910 2,040 ,457 1,547 188 205 1,756 1,695 Nov 4,979 4,981 1,792 1,734 .432 517 168 169 1,587 1,561 Dec 5,272 5,974 1,914 1,767 1,523 2,094 172 154 .663 .959 1964—Jan 5,248 4,717 1,888 1,689 1,466 1,314 185 141 1,709 1,573 Repayments 1956 37,054 14 555 10,756 1,370 10,373 1957 39,868 15 545 11,569 1,477 11,276 1958 40,344 15,415 11,563 1,626 11,741 1959 42,603 15,579 12,402 1,765 12,857 1960 45,972 16,384 13,574 1.883 14,130 1961 47,700 16,472 14,246 2,015 14,967 1962 50,620 17,478 14,939 1,996 16,206 1963 55,111 19,354 15,846 2,035 17,876 1963 Jan . . 4,414 4,499 1,564 1.582 1,277 J.340 167 167 1,406 1.410 Feb 4,462 4,151 1,566 1,441 1,289 1,242 165 152 1,442 1,316 Mar . . 4,496 4,479 1,546 1,535 1,324 1,339 170 168 1.456 1,437 Apr 4,487 4,601 1,585 1,626 1,276 1,307 170 172 1,456 1,496 May 4,544 4,616 1,611 1,649 1,294 1,311 170 173 1,469 1,483 June. 4,568 4,399 1,588 1,525 1.317 1,260 167 163 1,496 1,451 July 4,591 4,778 1,603 1,698 ,330 1,356 171 179 1,487 1,545 Aug 4,619 4,610 1,607 1,613 1,326 1,308 170 172 1,516 1,517 Sept 4,752 4,563 1,659 1,618 1,347 1,289 174 173 1,572 1,483 Oct 4,780 4,948 1,676 1,794 1,362 1,404 170 182 1,572 1,568 Nov 4,596 4,543 1,638 1,598 ,324 ,316 167 162 ,467 .467 Dec 4,812 4,924 1,707 1.675 .384 .374 177 172 .544 .703 1964 Jan 4,796 4,882 1,684 1,699 1,378 1,448 176 176 ,558 1,559 Net change in credit outstanding 2 1956 2,814 960 965 212 678 1957 2,148 920 238 197 793 1958 -225 — 1,189 184 245 534 1959 5,601 2,268 1,602 463 1 269 1960 3,588 1,270 896 330 1 093 1961 696 -465 332 53 777 1962 4,506 2,318 746 55 1,388 1963 5,711 2,659 1,161 143 1 748 1963 Jan 485 -114 243 42 83 -152 5 -35 154 31 Feb 495 -68 243 96 106 -203 4 -26 142 65 Mar 477 223 265 252 82 — 101 10 —8 120 80 Apr 521 731 285 446 83 48 17 23 136 214 May 441 678 236 418 63 75 18 45 124 140 486 823 232 442 91 150 19 36 144 195 July 509 587 251 357 79 37 20 35 159 158 481 632 195 226 115 148 15 41 156 217 Sept 341 192 71 94 78 95 7 20 185 171 Oct 531 539 234 246 95 143 18 23 184 127 Nov 383 438 154 136 108 201 1 7 120 94 Dec . 460 1,050 207 92 139 720 -5 -18 119 2S6 1964—Jan 452 -165 204 -10 88 -134 9 -35 151 14 1 Includes adjustment for differences in trading days. sales of instalment paper, and certain other transactions may increase 2 Net changes in credit outstanding equal extensions less repayments the amount of extensions and repayments without affecting the amount except in 1959, when the differences do not reflect the introduction outstanding. of outstanding balances for Alaska and Hawaii. For a description of the series in this and the following table see Jan.. 1954 BULL., pp. 9-17. Back data upon request. NOTE.—Estimates are based on accounting records and often include financing charges. Renewals and refinancing of loans, purchases and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1964 CONSUMER CREDIT 379 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Total Commercial banks S c a o le m s p f a in n a ie n s ce Ot i h n e s r t it f u i t n i a o n n c s ial Retail outlets Period S.A.i N.S.A. S.A.1 N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. Extensions 1956 39,868 14 463 9 619 9 148 6 638 1957 42,016 15,355 10,250 9,915 • • • • 16,495 1958 40,119 14,860 9,043 9,654 6,563 1959 48,052 17,976 11,196 10,940 7,940 1960 49,560 18,269 11,456 12,073 7,762 1961 48,396 17,711 10,667 12,282 7,736 1962 55,126 20,474 11,999 13,525 9,128 1963 60,822 22,871 12,664 14,894 10,393 1963 Jan 4,899 4,385 1,843 1,754 1,074 978 1,180 J .044 802 609 Feb 4,957 4,083 1,879 1,614 1,035 845 1,185 ,019 858 605 Mar 4,973 4,702 1,902 1,840 1 022 957 1,191 ,151 858 754 Apr 5,008 5,332 1,916 2,133 ,032 1,094 1,223 ,283 837 822 May 4,985 5,294 1.887 2,074 ,042 1,107 1.224 ,276 832 837 June 5,054 5,222 ,919 2,010 ,016 1,076 ,245 ,268 874 868 July 5.100 5,365 ,898 2,066 ,054 1,159 ,254 1,307 894 833 Aus .. • 5,100 5,242 ,878 1,920 0*?1 1,094 ,274 ,328 897 900 Sent 5,093 4,755 1,878 1,744 1,021 955 ,322 1,218 872 838 Oct 5,311 5,487 j,ooo 2,061 1,115 1,194 ,351 1,311 845 921 Nov 4,979 4,981 ,877 1,766 1,030 1,013 ,198 1,213 874 989 Dec 5,272 5,974 963 1,889 1,134 1,192 9S2 476 923 1,417 1964—Jan. 5,248 4,717 1,928 1,825 1,042 936 1,312 1,157 966 799 Repayments 1956 37,054 13,362 8,949 8,415 6,328 1957 39,868 14,360 9,759 9,250 6,499 1958 40,344 14,647 9,842 9,365 6,490 1959 42,603 15,560 9,742 10,020 7,281 I960 45,972 16,832 10,442 11,022 7,676 1961 47,700 18,294 10,943 11,715 6,749 1962 50,620 18,468 11,434 12,593 8,125 1963 55,111 20,266 12,211 13,618 9,016 1963—Jan 4,414 4,499 1.592 1.630 986 966 1.086 1,089 750 814 Feb 4,462 4,151 1,594 ,487 1,035 957 ,096 998 737 709 Mar 4,496 4,479 1,664 ,646 1,026 1,053 1,104 1,089 702 691 Apr ....... 4,487 4,601 1,646 ,701 1,014 1,048 1,112 1,143 715 709 May 4,544 4,616 1.681 ,727 1,017 1,030 1,114 1,126 732 733 4,568 4,399 1,699 ,637 1,012 966 1,129 1,101 728 695 July 4,591 4,778 1,690 ,794 1,007 1,045 [,144 1,188 750 751 4,619 4,610 1,692 ,693 1,000 995 1,158 1,157 769 765 SeDt 4,752 4,563 1,737 ,700 1,034 997 1.190 1.117 791 749 Oct 4,780 4,948 1,737 ,815 1.054 1,129 1,209 1^97 780 807 Nov . 4,596 4,543 1,734 .671 983 959 1,116 1,122 763 791 Dec 4,812 4,924 1,802 1,765 1,039 1,066 1,167 1,291 804 802 1964—Jan 4,796 4,882 1,768 1,805 ,034 1,010 1,184 1,186 810 881 Net change in credit outstanding 2 1956 2,814 1,176 670 733 235 1957 2,148 1,066 491 665 -75 1958 . . -225 -63 -765 289 315 1959 5,601 2,447 1,475 986 693 I960 3,588 1,446 1,152 1,051 -61 1961 696 335 -199 578 -20 1962 4,506 1,997 921 932 656 1963 5,711 2,605 1,329 1,276 501 1963—Jan 485 -114 251 124 550 474 94 -45 -410 -667 Feb 495 -68 285 127 0 -112 89 21 121 -104 Mar 477 223 238 194 -4 -96 87 62 156 63 Apr 521 731 270 432 18 46 111 140 122 113 May 441 678 206 347 25 77 110 150 100 104 June 486 823 220 373 4 110 116 167 146 173 July 509 587 208 272 47 114 110 119 144 82 Aug .. 481 632 186 227 51 99 116 171 128 135 Sent 341 192 141 44 196 167 132 101 -128 -120 Oct 531 539 263 246 110 114 142 114 16 65 Nov 383 438 143 95 108 115 82 91 50 137 Dec 460 1,050 161 124 190 221 85 185 24 520 1964 Jan 452 -165 160 20 265 183 128 -29 -101 -339 1 Includes adjustment for differences in trading days. months the differences between extensions and repayments for some 2 Net changes in credit outstanding are equal to extensions less repay- particular holders do not equal the changes in their outstanding credit. ments except: (1) in 1959, when the differences do not reflect the intro- Such transfers do not affect total instalment credit extended, repaid, or duction of outstanding balances for Alaska and Hawaii, and (2) in certain outstanding. months when data for extensions and repayments have been adjusted to See also NOTE to previous table. eliminate duplication resulting from large transfers of paper. In those Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

380 INDUSTRIAL PRODUCTION: S.A. MARCH 1964 MARKET GROUPINGS (1957-59- 100) 1957-59 1963 1964 Grouping pro- averpor- age tion Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.r Dec. Jan. Total index. 100.00 124.3 119.2 120.2 121.3 122.5 124.5 125.8 126.5 125.7 125.7 126.5 126.7 127.0 127.2 Final products, total 47.35 124.8 122.3 122.6 122.4 122.1 123.5 125.2 125.9 126.2 126.5 127.9 128.0 128.6 128.4 Consumer goods 32.31 125.1 121.8 122.9 123.1 122.5 124.1 125.9 126.4 126.7 126.7 128.0 128.2 128.5 128.5 Equipment, including defense... 15.04 124.2 122.0 121.5 120.7 120.4 122.1 123.8 124.8 125.3 126.2 127.7 127.6 128.8 128.6 Materials 52.65 123.6 116.8 118.0 120.2 122.9 125.7 126.6 126.7 125.1 125.0 125.5 125.8 125.5 125.9 Consumer goods Automotive products 3.21 141.1 136.5 137.7 136.3 137.6 137.1 145.3 141.1 134.8 138.0 146.8 149.1 147.8 146.3 Autos 1.82 149.5 141.3 142.0 141.8 141.9 144.3 159.9 153.1 139.6 144.2 156.8 160.6 157.0 154.6 Auto parts and allied products. 1.39 130.1 130.2 132.1 129.1 132.0 127.7 126.1 125.3 128.5 129.8 133.6 134.0 135.7 135.4 Home goods and apparel 10.00 123.0 120.2 120.8 121.3 120.6 122.3 123.6 123.9 125.1 125.5 126.2 126.9 126.6 126.7 Home goods 4.59 129.4 125.8 125.9 127.3 126.9 130.3 131.0 130.1 132.0 132.3 131.3 132.8 133.6 Appliances, TV, and radios.. 1.81 124.7 117.3 119.8 123.2 123.6 128.0 129.1 126.0 130.2 130.4 126.6 129.4 128.1 Appliances 1.33 130.1 121.9 123.7 126.7 125.6 131.9 133.7 130.6 136.8 136.9 131.8 135.2 132.6 TV and home radios .47 109.4 104.4 108.8 113.4 118.1 117.1 116.0 112.9 111.4 112.0 112.0 113.1 115.6 118.6 Furniture and rugs 1.26 131.3 130.0 126.0 127.4 127.0 130.7 132.8 133.8 133.6 131.6 133.2 134.1 134.3 135.9 Miscellaneous home goods... 1.52 133.6 132.3 132.9 131.9 130.7 132.6 131.7 131.9 133.0 135.2 135.4 135.9 139.5 142.3 Apparel, knit goods, and shoes. 5.41 117.5 115.7 116.6 116.2 115.3 115.5 117.4 118.7 119.2 119.7 121.8 121.9 120.6 Consumer staples 19.10 123.6 120.2 121.4 121.8 121.0 122.9 123.8 125.2 126 A 125.4 125.1 125.3 126.3 126.4 Processed foods 8.43 116.5 113.8 114.5 115.2 114.9 115.9 116.1 116.3 117.9 117.9 118.1 117.8 119.0 120.0 Beverages and tobacco , 2.43 115.0 115.1 114.3 114.0 112.7 116.2 115.2 117.1 117.4 112.9 116.0 114.5 115.7 Drugs, soap, and toiletries 2.97 140.0 134.2 135.2 137.7 137.1 138.7 139.7 143.8 144.0 144.8 144.0 143.8 143.4 142.9 Newapapers, magazines, and books, 1.47 117.8 113.9 115.0 115.3 118.3 119.3 119.3 119.1 120.2 118.2 117.6 117.2 120.9 120.9 Consumer fuel and lighting 3.67 134.4 129.7 133.4 131.4 128.7 132.0 136.1 138.2 138.4 137.6 138.0 137.9 138.0 Fuel oil and gasoline 1.20 116.9 113.2 117.9 117.3 115.0 115.6 119.2 115.5 115.6 118.8 119.3 118.2 117.2 114.8 Residential utilities 2.46 143.0 137.7 140.9 138.2 135.4 140.0 144.3 149.2 149.6 146.7 147.1 147.4 148.2 Electricity 1.72 146.7 142.0 144.9 141.9 137.3 143.5 149.2 155.4 155.9 151.4 150.8 151.1 151.9 Gas ,74 Equipment Business equipment 11.63 128.3 125.0 125.0 124.9 124.3 125.9 127.8 129.0 130.1 131.0 132.0 132.1 133.2 132.9 Industrial equipment 6.85 122.9 118.8 119.3 119.2 119.2 120.9 122.8 123.6 124.9 125.6 126.6 MIA 128.6 128.9 Commercial equipment 2,42 142.4 145.3 144.5 143.8 143.3 143.4 142.2 142.4 141.5 141.6 141.2 139.0 140.2 141.6 Freight and passenger equipment. 1.76 132.1 126.2 126.9 126.3 126.0 124.8 128.1 135.3 134.6 140.7 140.6 139.7 137.2 136.4 Farm equipment .61 121.6 118.8 123.2 119.7 115.2 112.2 122.0 116.6 118.8 122.0 130.7 131.9 129.1 Defense equipment 3.41 Materials Durable goods materials. 26.73 121.1 113.3 114.4 118.0 121.2 124.5 125.8 125.2 121.9 122.1 122.5 122.5 122.2 122.4 Consumer durable , 3.43 137.2 129.3 130.9 134.0 135.4 139.4 145.9 142.7 136.6 137.8 138.0 138.4 140.2 141.1 Equipment 7.84 125.4 121.4 121.2 122.2 123.1 125.1 128.0 126.4 126.3 128.4 128.3 125.9 127.9 128.2 Construction 9.17 116.3 108.6 109.2 112.4 115.1 116.7 118.0 119.4 119.2 119.0 119.3 119.0 117.7 118.0 Metal materials n.e.c.... 6.29 114.2 106.0 109.5 115.0 120.6 126.8 123.6 116.7 108.8 107.5 110.6 111.5 113.5 116.6 Nondurable materials 25.92 126.2 120.5 121.8 122.6 124.7 126.9 127.3 128.3 128.4 128.0 128.6 129.1 128.9 129.6 Business supplies 9.11 120.1 116.0 116.7 117.8 119.0 121.6 121.6 119.8 121.7 121.2 121.5 122.8 122.7 123.2 Containers 3.03 120.3 118.5 119.3 121.5 116.1 120.3 121.1 119.9 119.7 118.2 122.6 123.9 121.7 122.4 General business supplies. 6.07 120.1 114.7 115.4 115.9 120.4 122.2 121.8 119.8 122.7 122.7 121.0 122.3 123.2 123.6 Nondurable materials n.e.c.. 7.40 145.1 137.3 138,0 140.2 143.2 145.0 145.3 147.6 147.0 147.9 149.8 150.2 151.0 151.3 Business fuel and power 9.41 117.2 111.7 113.9 113.3 115.6 117.9 118.8 121.2 120.4 119.1 118.7 118.6 117.5 118.7 Mineral fuels 6.07 109.3 102.9 105.6 105.1 108.0 110.5 111.5 114.0 113.8 112.1 110.5 109.9 107.7 108.6 Nonresidential utilities. . . 2.86 138.8 134.3 135.9 134.7 135.9 138.3 138.7 141.9 140.4 139.4 141.2 141.9 142.7 Electricity 2.32 139.4 135.0 136.9 135.3 136.5 139.0 139.2 143.0 141.0 139.7 141.9 142.5 143.3 General industrial 1.03 131.1 124.9 125.8 124.2 130.3 132.6 132.2 136.5 132.5 133.1 134.2 133.5 134.5 Commercial and other.... 1.21 149.7 146.5 149.2 147.5 144.6 147.6 148.3 151.8 151.4 148.4 151.7 153.5 154.1 Gas .54 Supplementary groups of consumer goods Automotive and home goods. 7.80 134.3 130.0 130.7 131.0 131.3 133.1 136.9 134.6 133.2 134.7 137.7 139.5 139.4 139.4 Apparel and staples 24.51 122.2 119.2 120.4 120.5 119.8 121.3 122.4 123.8 124.6 124.1 124.9 124.6 125.0 125.0 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1964 INDUSTRIAL PRODUCTION: S.A. 381 INDUSTRY GROUPINGS (1957-59 = 100) 1957-59 1963 1964 pro- Grouping por- avertion age Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.r Dec. Jan. Total index. 100.00 124.3 119.2 120.2 121.3 122.5 124.5 125.8 126.5 125.7 127.1 127.3 126.7 127.0 127.2 Manufacturing\ total. 86.45 124.7 119.8 120.6 121.9 123.1 125.2 126.4 126.8 125.9 126.1 127.1 127.5 127.9 127.9 Durable 48.07 124.4 119.0 120.0 121.5 122.8 125.6 127.4 127.0 125.0 125.3 126.3 126.6 127.0 127.3 Nondurable 38.38 125.1 120.7 121.4 122.5 123.4 124.8 125.2 126.4 127.2 127.1 128.1 128.6 129.0 128.7 Mining , 8.23 107.8 103.0 104.7 105.4 107.4 108.5 109.4 111.3 111.3 110.3 109.1 107.5 106.4 107.8 Utilities , 5.32 140.7 135.9 138.2 136.4 135.7 139.1 141.3 145.3 144.6 142.8 143.9 144.5 145.2 146.0 Durable Manufactures Primary and fabricated metals 12.32 117.6 107.8 111.0 115.1 120.1 125.6 125.5 124.0 116.8 115.5 116.4 116.7 117.1 118.1 Primary metals 6.95 113. 99.6 105.2 111.9 120.1 127.4 125.8 122.8 109.4 107.7 108.4 109.5 110.5 111.9 Iron and steel 5.45 109.5 96.0 102.2 111.5 121.8 129.3 126.1 117.1 102.6 100.0 100.0 103.5 104.9 107.5 Nonferrous metals and products. 1.50 126.3 121.7 121.0 123.7 121.0 124.2 125.5 123.5 126.4 129.4 103.5 132.9 135.5 133.0 Fabricated metal products 5.37 123.4 118.4 118.5 119.3 120.2 123.3 125.1 125.6 126.4 125.6 126.8 126.0 125.6 126.0 Structural metal parts 2.86 120.2 113.5 113.9 115.4 116.8 120.9 123.0 124.2 124.5 123.7 122.8 121.5 121.8 122.0 Machinery and related products 27.98 128.6 124.7 125.3 125.0 125.3 127.3 130.3 130.0 129.4 130.6 131.9 131.9 13 .3 132.1 Machinery 14.80 129.1 125.2 126.4 126.2 125.9 128.4 129.4 129.6 130.5 131.3 132.2 132.6 133.3 133.7 Nonelectrical machinery 8.43 126.7 122.2 123.1 122.7 121.7 124.5 126.0 127.0 128.0 129.4 131.4 131.9 133.3 133.5 Electrical machinery 6.37 132.2 129.5 130.8 130.8 131.4 133.5 133.9 133.0 133.9 133.7 133.3 133.6 133.4 133.9 Transportation equipment 10.19 127.0 122.4 122.3 122.1 123.7 124.5 130.4 129.3 126.8 128.7 130.8 130.8 130.6 130.0 Motor vehicles and parts 4.68 146.1 137.9 139.1 140.2 141.8 143.1 153.8 150.9 143.7 146.5 150.3 151.8 151.2 149.5 Aircraft and other equipment... 5.26 109.5 107.9 106.8 105.6 107.2 107.5 109.4 109.6 111.1 112.1 113.0 111.7 111.4 111.7 Instruments and related products. . 1.71 130.2 125.7 127.0 127.2 126.6 130.2 131.6 132.6 132.1 133.0 132.5 131.9 132.6 131.9 Ordnance and accessories 1.28 Clay, glass, and lumber 4.72 114.4 110.9 109.8 115.0 112.7 113.3 113.9 114.0 115.3 115.5 115.9 117.3 118.5 119.6 Clay, glass, and stone products. 2.99 117.5 113.9 110.7 114.6 115.5 115.9 117.9 119.7 118.1 118.5 120.4 120.9 122.4 122.5 Lumber and products 1.73 109.0 105.7 108.2 115.7 108.0 108.9 106.9 104.1 110.4 110.3 108.1 111.1 111.7 114.7 Furniture and miscellaneous.. 3.05 129.1 125.0 123.6 124.8 125.8 129.3 129.3 132.0 132.1 131.9 130.6 131.9 131.9 132.1 Furniture and fixtures 1.54 133.1 129.2 126.6 128.3 129.3 132.8 133.2 135.8 135.8 136.3 135.0 136.7 137.4 137.1 Miscellaneous manufactures. 1.51 124.9 120.7 120.6 121.3 122.3 125.7 125.4 128.1 128.4 127.4 126.2 127.0 126.3 127.1 Nondurable manufactures Textiles, apparel, and leather 7.60 118.5 115.2 115.6 115.9 116.2 116.5 118.0 118.9 120.2 121.1 121.7 123.0 123.8 122.2 Textile mill products 2.90 117.1 113.4 112.6 114.3 115.9 116.3 116.7 117.6 119.1 120.0 120.9 122.0 121.8 119.3 Apparel products 3.59 125.5 122.5 123.2 122.5 122.9 122.6 124.9 126.2 126.9 126.5 127.9 129.8 131.5 Leather and products 1.11 99.8 96.4 98.7 98.8 95.4 97.5 99.2 98.9 101.3 106.6 103.9 103.7 104.3 Paper and printing 8.17 120.0 114.5 115.8 115.7 119.2 120.5 121.6 122.3 122.4 122.0 122.3 122.7 124.0 122.9 Paper and products 3.43 125.2 120.3 123.3 123.9 122.8 123.4 125.8 127.8 127.8 126.7 128.4 128.5 127.5 127.6 Printing and publishing. 4.74 116.4 110.2 110.5 109.7 116.5 118.4 118.6 118.4 118.5 118.6 117.9 118.5 121.5 119.6 Newspapers 1.53 108.0 94.0 93.9 90.8 109.7 111.4 112.5 111.6 112.8 113.7 111.9 113.2 119.2 113.9 Chemicals, petroleum, and rubber. 11.54 141.5 134.2 135.3 138.2 139.7 141.3 141.3 143.3 144.4 144.8 145.9 147.3 146.1 145.9 Chemicals and products 7,58 148.5 140.0 141.4 143.6 146.1 147.8 148.5 151.3 151.7 152.6 153.9 154.6 153.9 153.5 Industrial chemicals 3.84 162.5 152.6 153.1 155.2 160.7 161.9 162.2 165.2 165.3 166.8 169.1 169.7 169.9 Petroleum products , 1.97 117.1 114.3 114.3 115.5 115.8 116.9 118.2 119.5 117.6 117.0 119.0 118.5 116.6 116.2 Rubber and plastics products 1.99 138.9 131.4 132.8 140.3 138.8 140.7 137.0 136.5 143.1 142.3 142.1 147.9 145.7 Foods, beverages, and tobacco. 11.07 116.3 115.0 115.0 115.6 114.7 116.4 116.1 116.9 117.5 116.5 118.2 117.2 118.4 119.5 Foods and beverages 10.25 116.4 115.2 115.0 115.7 114.8 116.2 116.3 116.8 117.5 116.5 118.5 117.4 118.6 119.8 Food manufactures 8.64 116.7 115.0 115.2 116.0 115.2 116.4 116.4 116.8 117.5 117.5 118.8 118.0 119.2 120.5 Beverages 1.61 114.9 116.1 114.2 113.9 112.7 115.2 115.6 116.7 117.7 110.9 117.0 114.5 115.7 Tobacco products .82 115.1 113.0 114.6 114.2 112.7 118.1 114.4 117.9 116.8 116.8 114.1 114.6 115.8 Mining Coal, oil, and gas 6.80 106.9 101.3 103.7 103.9 106.1 107.7 108.6 111.1 111.2 109.9 108.3 107.0 105.1 106.2 Coal 1.16 102.4 95.1 96.1 93.9 100.8 104.5 107.1 107.1 108.0 106.2 104.1 102. 103.4 104.0 Crude oil and natural gas. 5.64 107.9 102.6 105.3 105.9 107.2 108.3 108.9 111.9 111.8 110.6 109.1 108.0 105.4 106.7 Oil and gas extraction.. 4.91 110.9 104.8 107.9 107.8 109.7 111.9 112.6 115.7 115.1 113.5 112.0 111.7 108.8 109.7 Crude oil 4.25 108.2 101.6 104.8 104.9 107.3 109.5 110.1 113.0 112.7 110.6 109.6 108.9 105.7 106.3 Gas and gas liquids.. .66 128.5 125.0 124.7 126.0 124.5 130.4 128.2 132.8 130.7 131.9 127.4 129.8 Oil and gas drilling.... .73 87.4 87.6 87.4 93.5 90.3 84.0 84.5 86.4 89.5 91.1 89.7 82.5 83.0 86.1 Metal, stone, and earth materials. 1.43 112.1 111.1 109. 112.6 113.9 112.8 113.0 112.1 111.6 112.5 113.1 110.3 112.7 115.3 Metal mining .61 112.3 110.1 114.3 115.7 114.5 116.4 112.8 110.3 112.8 113.4 109.8 106.4 111.6 114.0 Stone and earth minerals 112.1 111.9 106.2 110.2 113.4 110.1 113.2 113.5 110.7 111.9 115.5 113.21 113.5 116.2 Utilities Electric 4.04 142.5 138.0 140.3 138.1 136.8 140.9 143.5 148.3 147.3 144.7 145.7 146.2! 147.0 Gas 1.28 135.2 130.0 131.4 130.6 132.9 133. 135.2 NOTE.—Published groupings include some series and subtotals not Industrial Production 1957-59 Base. Figures for individual series and shown separately. A description and historical data are available in subtotals (N.S.A.) are published in the monthly Business Indexes release. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

382 INDUSTRIAL PRODUCTION: N.S.A. MARCH 1964 MARKET GROUPINGS (1957-59= 100) 1957-59 1963 1964 pro- M963 Grouping p ti o o r n - age Jan. Feb. Mar. Apr. May June July Aug. Sept Oct. Nov.r Dec.' Jan. Total index 100.00 124.3 117.9 120.5 122.5 123.1 125.1 127.9 120.5 123.8 128.3 129.9 127.1 124.6 125.7 47,35 124.8 120.0 122.4 123.7 122.1 123.0 127.1 121.7 123.8 130.0 131.9 127.7 125.5 126.6 Consumer goods 32.31 125.1 119.0 122.4 123.9 122.1 123.1 128.1 121.3 124.3 131.7 134.2 128.5 124.2 125.8 Equipment, including defense.... 15.04 124.2 122.1 122.6 123.1 122.1 122.8 124.8 122.6 122.6 126.3 126.9 126.1 128.5 128.4 Materials 52.65 123.6 115.9 118.7 121.5 124.0 126.9 128.6 119.4 123.9 126.8 128.1 126.5 123.9 124.8 Consumer Goods 3.21 141.1 142.4 144.0 144.7 148.2 145.9 155.7 134.9 75.5 127.4 160.7 160.5 154.5 151.9 Autos 1.82 149.5 152.6 153.4 157.4 160.4 158.7 175.9 145.4 36.3 122.6 177.2 181.5 \12.1 165.4 Auto parts and allied products 1.39 130.1 129.0 131.5 128.1 132.2 129.1 129.1 121.1 127.1 133.7 139.0 132.8 130.4 134.1 Home goods and apparel 10.00 123.0 113.6 123.1 126.3 122.1 121.2 126.2 112.0 126.3 130.1 131.9 127.3 117.6 120.7 4.59 129.4 118.0 126 6 128 6 126.0 128.0 132.4 116.8 126.8 141.0 140.2 138.7 132.9 Appliances, TV, and radios 1.81 124.7 108.3 127.3 129.6 123.6 127.3 133.5 104.0 113.6 140.2 135.8 135.8 123.5 Appliances 1.33 130.1 112 6 133 5 138 2 129 7 135.1 141.7 111.7 114.4 144.2 135.9 137.4 134.9 TV and home radios .47 109.4 96,1 109,9 105 5 106.3 105.4 110.2 82.4 111.4 128.8 135.5 131.2 91.3 121.0 Furniture and rugs 1.26 131.3 126.1 126.0 127,1 125.7 124.8 130.3 125.8 134.9 137.8 139.3 138.1 139.7 134.5 Miscellaneous home goods 1.52 133.6 122.8 126.3 128.5 129.1 131.3 132.9 124.6 135.9 144.7 146.1 142.7 138.4 133.5 Apparel, knit goods, and shoes 5.41 117.5 109.9 120.1 124.3 118.8 115.5 120.9 108.0 125.8 120.9 124.8 117.6 104.6 19.10 123.6 117.9 118.3 119.2 117.8 120.3 124.5 123.9 131.5 133.3 130.9 123.8 122.5 124.2 Processed foods 8.43 116.5 107.5 106,7 108 9 107 5 110.5 115.1 116.5 126.5 133.8 130.5 119.9 115.2 113.4 Beverages and tobacco 2.43 115.0 101.2 104.2 110.3 115.6 125.7 132.0 120.8 126.4 116.6 121.4 108.4 100.2 2.97 140.0 133.1 134 8 136.3 137 8 138 8 142.8 137.0 145.7 146.0 146.9 142.4 139.8 'ui'.b Newspapers, magazines, and books.. 1.47 117.8 113.9 114.4 116.5 117 8 118.7 117.5 116.5 120.2 121.2 119.4 117.2 120.9 120.9 Consumer fuel and lighting 3.67 134.4 141.9 142.2 135.5 126.2 124.7 129.3 135.3 139.2 137.7 129.6 130.2 140.8 Fuel oil and gasoline 1.20 116.9 117.9 120.4 115.4 109.4 111.7 117.6 118.1 119.9 118.4 116.4 117.7 120.2 ii9!5 Residential utilities 2.46 143.0 Electricity 1.72 146.7 164.7 162.0 i52.i 135.9 130.6 135.8 147.3 154.5 151.9 135.0 135.2 155.7 Gas .74 Equipment 11.63 128.3 125.1 126.3 127.3 126.4 126.8 129.3 126.5 127.0 131.0 131.2 130.1 132.7 132.6 Industrial equipment 6,85 122.9 119.0 118,7 119 3 119 2 121,0 123.9 122.4 124.5 126.7 125.8 125.6 129.4 129.2 2.42 142.4 145.4 143 5 142 5 140 6 141 7 142.6 139.6 141,8 143.7 143.6 140.7 142.6 141.7 Freight and passenger equipment... 1.76 132.1 123.7 128.4 134,0 132.3 130.3 133.2 131.5 126.4 135.6 139.2 136.9 134.2 133.7 Farm equipment .61 121.6 117.3 137.4 136.9 134.7 122.1 125.6 106.1 98.1 116.3 120.3 118.6 125.8 3.41 Materials Durable goods materials 26.73 121.1 112.3 114.6 118.5 122.0 126.5 129.2 118.7 118.7 124.0 125.3 123.2 120.9 120.9 3.43 137.2 135 5 135 5 137 4 135 8 139 5 144.9 128.4 112.4 138.6 143.0 145.6 150.0 147.9 Equipment 7.84 125.4 123.5 123 5 124.4 123 7 125 4 127.0 122.2 123.0 126.3 127.4 127.3 130.5 130.4 Construction 9.17 116.3 100 2 102 0 106 9 113 9 120 2 125.4 121 2 126.4 125.9 125.1 118.8 110.5 107.8 Metal materials n.e.c 6.29 114.2 103.2 110.5 117.8 124.2 130.0 128.8 105.3 105.6 110.7 113.3 112.4 108.5 113.6 25.92 126.2 119.7 122.9 124.5 126.0 127.3 128.0 120.1 129.2 129.6 131.0 129.8 126.8 128.7 Business supplies 9.11 120.1 112.2 115 1 118 6 122.1 122.8 122.8 112.2 123.5 125.0 127.2 123.8 118.3 119.3 3.03 120.3 111 4 116 9 121 5 119 6 121 5 127.2 115 1 131.7 125.9 128.7 117.1 105.9 115.1 General business supplies 6.07 120.1 112.6 114 2 117 1 123 4 123 4 120.7 110.8 119.4 124.5 126.4 127.2 124.5 121.4 7.40 145.1 137.3 142.1 144.4 144.6 147.2 146.0 136.2 145.5 147.2 150.5 151.7 148.3 151.3 Business fuel and power 9.41 117.2 113.1 115 2 114 6 115 2 115 9 118.9 115.2 121.8 120.1 119.4 118.4 118.2 120.1 Mineral fuels 6.07 109.3 105 8 109 6 108 4 109 4 109 3 111.3 103.4 111.9 110.3 110.8 110.6 109.9 111.6 Nonresidential utilities 2 86 138 8 Electricity 2.32 139.4 132.6 131 1 131 4 131 1 134 7 141.0 147.0 152.0 i49.i 144.0 139.7 139.9 General industrial 1.03 131.1 124.3 122.5 124.9 128.2 131.9 133.4 132.7 136.2 135.8 137.2 133.9 133.2 Commercial and other 1.21 149.7 142.3 141.0 139.5 136.1 139.8 150.7 162.7 169.4 164.1 153.2 147.7 148.7 Gas .54 Supplementary groups of consumer goods Automotive and home goods....... 7.80 134.3 128.0 133.8 135.2 135.1 135.4 142.0 124.3 105.7 135.4 148.6 147.7 141.8 138.2 Apparel and staples 24.51 122.2 116.1 118.7 120.3 118.0 119.2 123.7 120.4 130.2 130.5 129.6 122.4 118.6 121.9 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1964 INDUSTRIAL PRODUCTION: N.S.A. 383 INDUSTRY GROUPINGS (1957-59=100) 1957-59 1963 1964 pro- aver- Grouping por- age tion Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.HDec, Jan. Total index. 100.00 124.3 117.9 120.5 122.5 123.1 125.] 127.9 120.5 123.8 128.3 129.9 127.1 124.6 125.7 Manufacturing, total.. 86.45 124.7 117.8 720.7 123.3 124.0 126.1 128.8 120.5 123 A 128.7 131.1 128.2 725.7 125.8 Durable 48.07 124.4 118.3 120.7 123.2 124.4 126.9 129.8 121.0 118.1 126.6 129.3 128.4 127.2 126.6 Nondurable 38.38 125.1 117.2 120.6 123.4 123.7 125.1 127.6 119.8 130.0 131.4 133.3 127.9 122.6 124.8 Mining 8.23 107.8 102.6 104.9 104.5 106.9 108.9 111.3 105.3 112.2 111.4 111.0 108.1 106.4 107.4 Utilities 5.32 140.7 Durable manufactures Primary and fabricated metals 12.32 117.6 108.4 112.6 118.1 122.5 127.0 128.2 112.1 113.5 777.5 118.7 777.7 775.5 118.8 Primary metals 6.95 113.1 102.6 110.1 118.8 125.7 130.7 129.6 104.1 102.6 106.5 109.5 110.6 107.2 114.1 Iron and steel 5.45 109.5 97.9 106.6 117.1 125.5 130.6 128.6 102.5 96.4 100.0 103.0 104.5 102.3 109.6 Nonferrous metals and products. 1.50 126.3 119.6 122.8 125.1 126.3 130.8 133.3 109.9 125.1 130.3 133.2 132.9 125.2 130.7 Fabricated metal products 5.37 123.4 116.0 115.8 117.2 118.4 122.3 126.4 122.5 127.5 131.6 130.6 126.8 126.2 124.9 Structural metal parts 2.86 120.2 112.4 111.5 112.2 113.8 119.1 123.0 121.7 125.1 127.4 126.7 124.9 124.2 121.9 Machinery and related products.... 27.98 128.6 125.9 127.6 128.2 127.3 128.4 131.9 124.8 777.0 129.8 133.9 134.1 735.7 733.7 Machinery 14.80 129.1 124.9 128.1 128.5 126.9 128.3 131.3 123.2 125.7 133.3 133.0 132.7 134.4 134.0 Nonelectrical machinery 8.43 126.7 122.2 125.3 126.1 125.3 126.4 129.0 123.6 123.3 128.5 128.8 129.3 134.4 134.2 Electrical machinery 6.37 132.2 128.5 132.0 131.6 129.0 130.9 134.3 122.6 128.8 139.7 138.6 137.2 134.4 133.7 Transportation equipment 10.19 127.0 126.2 126.0 127.4 127.7 127.5 132.2 124.9 100.1 123.5 135.2 136.4 136.4 133.8 Motor vehicles and parts 4.68 146.1 145.6 145.9 148.5 149.3 149.4 158.9 144.2 88.9 137.0 160.4 163.3 162.2 157.3 Aircraft and other equipment. .. 5.26 109.5 109.0 108.1 108.2 107.7 107.1 107.9 107.5 108.5 110.8 112.4 112.4 113.1 112.8 Instruments and related products.. 1.71 130.2 125.2 126.2 126.9 126.5 128.2 131.6 129.7 132.1 133.9 134.0 134.3 134.3 131.4 Ordnance and accessories 1.28 Clay, glass, and lumber 4.72 114.4 97.2 700.5 705.7 772.5 775.3 722.7 777.7 725.7 724.5 724.4 777.3 705.2 703.7 Clay, glass, and stone products. 2.99 117.5 99.7 99.1 105.4 115.5 122.2 126.1 126.3 128.7 126.2 127.6 122.1 111.4 107.2 Lumber and products 1.73 109.0 93.0 102.8 107.3 107.4 111.4 116.9 102.7 120.4 121.6 118.9 109.0 97.2 97.5 Furniture and miscellaneous.. 3.05 129.1 720.9 727.5 123.3 722.5 725.2 725.7 725.7 734.5 737.7! 737.7 735.2 733.9 127.8 Furniture and fixtures 1.54 133.1 126.9 126.3 126.8 126.2 127.6 132.5 132.0 139.2 140.4 140.4 138.9 140.1 134.6 Miscellaneous manufactures. 1.51 124.9 114.8 117.2 119.7 119.4 122.7 124.8 121.3 129.9 133.8 135.0 133.5 127.6 120.9 Nondurable manufactures Textiles, apparel, and leather 7.60 118.5 772.7 720.5 724.7 779.3 775.4 727.7 705.9 724.7 727.2 723.9 779.5 109.9 777.5 Textile mill products 2.90 117.1 112.3 116.0 120.0 115.3 121.0 121.4 105.8 120.3 120.0 119.7 119.2 112.9 116.9 Apparel products 3.59 125.5 116.4 129.4 134.8 129.9 123.8 128.6 113.3 132.0 127.1 133.0 126.6 112.4 Leather and products 1.11 99. 97.8 105.5 104.2 95.4 93.9 100.6 89.4 108.7 105.2 105.5 98.0 94.4 Paper and printing 5.77 120.0 772.7 775.9 777.7 720.9 722.3 722.7 772.5 727.5 723.5 127.8 724.5 7/9.7 120.3 Paper and products 3.43 125.2 118.6 125.9 127.0 125.0 126.0 128.3 113.7 131.0 127.8 135.3 127.9 115.8 125.8 Printing and publishing. 4.74 116.4 107.5 108.7 111.0 117.9 119.6 117.6 111.8 115.2 120.3 122.3 122.2 122.5 116.3 Newspapers 1.53 108.0 86.6 90.3 92.6 116.4 118.8 113.1 97.1 102.1 114.5 121.8 124.5 118.6 104.9 Chemicals, petroleum, and rubber., 77.54 141.5 134.3 137.2 739.5 742.7 742.3 743.9 735.0 743.3 745.5 747.5 745.6 742.9 745.4 Chemicals and products 7.58 148.5 138.9 142.7 145.8 149.7 150.2 150.9 144.3 150.7 152.0 154.5 153.1 150.7 152.8 Industrial chemicals 3.84 162.5 152.6 156.5 159.4 162.Q 163.8 162.2 157.3 162.3 164.8 169.1 170.7 169.9 Petroleum products 1.97 117.1 112.6 112.6 111.5 112.3 115.1 121.7 123.1 123.5 121.7 119.6 116.7 114.9 114.5 Rubber and plastics products 1.99 138.9 138.1 140.5 144.8 143.1 139.3 139.1 117.0 134.5 144.4 150.1 145.7 140.6 Foods, beverages, and tobacco.... 77.07 116.3 106.6 705.7 709.5 709.4 774.0 775.5 777.2 725.2 729.7 128.7 777.7 772.2 111.6 Foods and beverages 10.25 116.4 106.2 106.1 109.4 109.2 113.4 118.4 118.2 126.2 130.5 129.0 117.8 113.7 111.4 Food manufactures 8.64 116.7 108.1 107.4 109.4 107.7 110.7 115.1 116.2 126.2 133.4 130.7 120.4 115.6 113.9 Beverages 1.61 114.9 95.8 99.2 109.2 117.2 127.4 136.4 129.2 126.5 114.8 120.0 104.0 103.2 Tobacco products .82 115.1 111.8 114.0 112.5 112.5 122.4 123.5 104.3 126.4 120.2 124.3 116.9 94.3 Mining Coal, oil, and gas 6. 106.9 104.3 707.0 705.9 705.7 705.4 705.5 707.5 709.5 705.5 705.5 707. 107.3 109.4 Coal 1.16 102.4 93.2 97.3 94.7 101.5 105.5 116.6 72.5 113.6 112.4 113.5 106.3 101.5 101.9 Crude oil and natural gas 5.64 107.9 106.6 109.0 108.2 107.8 106.6 106.8 107.9 109.0 107.7 107.6 108.1 108.5 110.9 Oil and gas extraction 4.91 110.9 108.7 112.5 111.6 111.3 110.1 110.0 110.7 111.4 109.8 110.2 111.6 111.9 113.9 Crude oil 4.25 108.2 104.7 108.7 108.3 109.1 108.4 108.4 108.7 109.5 107.6 108.0 108.1 107.7 109.6 Gas and gas liquids........ .66 128.5 134.5 133.3 132.6 125.4 124.3 120.4 123.6 123.8 124.0 124.3 133.8 Oil and gas drilling .73 87.4 92.0 85.4 85. 84.1 82.4 85.3 88.6 92.8 93.2 90.1 84.1 Metal, stone, and earth minerals.. 1.43 112.1 94.3 94.7 95.0 707.9 720.9 725.0 722.0 723.5 725.0 722.3 709.9 102.5 97.8 Metal mining .61 112.3 96.9 102.9 101.8 104.2 123.4 127.5 118.0 121.8 127.0 119.7 103.2 101.6 100.3 Stone and earth minerals .82 112. 92.4 88.6 95. 110.6 119.0 123.1 125.0 125.3 123.6 124.3 114.9 103.2 96.0 Utilities Electric 4.04 142.5 146.3 144.3 140.2 133.1 133.0 138.8 147.1 153.1 150.3 140.2 137.8 Gas 1.28 135.2 NOTE.—Published groupings include some series and subtotals not Industrial Production—1957-59 Base. Figures for individual series and shown separately. A description and historical data are available in subtotals (N.S.A.) are published in the monthly Business Indexes release. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

384 BUSINESS ACTIVITY MARCH 1964 SELECTED BUSINESS INDEXES (1957-59=100) Industrial production fac M tu a r n in u g - * Prices 3 Nonag- Major market groupings Con- ricul- Major industry stru- tural Freight Depart- Period Total Final products Mate- Igroupings t c r ti a o o c n n t - s m T p o e e l m n o ta t y - — l - 1 p m E lo e m n y - t - P ro a l y ls - l i o n a g d s - s s t a o le re s s C um on e - r W m c o s h o a d o m l i e l t e - y - Con- Equip- rials Min- Util- Total s g u o m od e s r ment Mfg. ing ities 1950 74.9 72.8 78.6 56.4 76.9 75.8 83.2 49.5 61 86.0 99.4 68.9 117.1 72 83.8 86.8 1951 81.3 78.6 77.8 78.4 83.8 81.9 91.3 56.4 63 91.0 106.1 80.2 121.5 76 90.5 96.7 1952 84.3 84.3 79.5 94.1 84.3 85.2 90.5 61.2 67 92.9 106.1 84.5 115.0 78 92.5 94.0 1953 91.3 89.9 85.0 100.5 92.6 92.7 92.9 66.8 70 95.5 111.6 93.6 116.6 80 93.2 92.7 1954 85.8 85.7 84.3 88.9 85.9 86.3 90.2 71.8 76 93.2 101.8 85.4 104.6 80 93.6 92.9 1955 96.6 93.9 93.3 95.0 99.0 97.3 99.2 80.2 91 96.4 105.5 94.8 115.3 88 93.3 93.2 1956 99.9 98.1 95.5 103.7 101.6 100.2 104.8 87.9 92 99.7 106.7 100.2 115.9 94 94.7 96.2 1957 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 93 100.6 104.7 101.4 108.2 96 98.0 99.0 1958 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98.1 102 97.8 95.2 93.5 93.8 99 100.7 100.4 1959 105.6 105.7 106.6 104.1 105.4 106.0 99.7 108.0 105 101.6 100.1 105.1 97.9 105 101.5 100.6 I960 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 105 103.4 99.9 106.7 95.3 106 103.1 100.7 1961 109.8 111.3 112.7 108.3 108.4 109.7 102.6 122.8 108 103.1 95.9 105.4 91.2 109 104.2 100.3 1962 118.3 119.7 119.7 119.6 117.0 118.7 105.0 131.3 120 106.2 99.2 113.7 92.4 114 105.4 100.6 1963 124.3 124.8 125.1 124.2 123.6 124.7 107.8 140.7 132 108.7 99.9 118.0 93.3 119 106.7 100.3 1963—-Jan 119.2 122.3 121.8 122.0 116.8 119.8 103.0 135.9 121 107.1 98.9 115.2 89.9 114 106.0 100.5 Feb 120.2 122.6 122.9 121.5 118.0 120.6 104.7 138.2 130 107.4 98.9 115.8 93.9 114 106.1 100.2 Mar 121.3 122.4 123.1 120.7 120.2 121.9 105.4 136.4 118 107.9 99.4 116.7 94.3 119 106.2 99.9 Apr 122.5 122.1 122.5 120.4 122.9 123.1 107.4 135.7 125 108.2 100.1 116.6 95.7 115 106.2 99.7 May 124.5 123.5 124.1 122.1 125.7 125.2 108.5 139.1 144 108.5 100.4 117.9 96.9 117 106.2 100.0 125.8 125.2 125.9 123.8 126.6 126.4 109.4 141.3 135 108.8 100.3 118.2 94.6 120 106.6 100.3 July 126.5 125.9 126.4 124.8 126.7 126.8 111.3 145.3 126 109.1 100.4 118.0 93.9 120 107.1 100.6 Aug 125.7 126.2 126.7 125.3 125.1 125.9 111.3 144.6 132 109.1 99.8 117.0 90.9 126 107.1 100.4 Sept 125.7 126.5 126.7 126.2 125.0 126.1 110.3 142.8 128 109.3 100.1 120.3 91.2 121 107.1 100.3 Oct 126.5 127.9 128.0 127.7 125.5 127.1 109.1 143.9 146 109.6 100.4 120.0 92.7 113 107.2 100.5 Nov '126.7 128.0 128.2 127.6 125.8 127.5 107.5 144.5 144 109.5 100.0 119.4 92.3 117 107.4 100.7 Dec 127.0 ••128.6128.5 128.8 125.5 127.9 106.4 145.2 148 109.8 100.5 121.7 93.9 126 107.6 100.3 1964 Jan 127.2 128.4 128.5 128.6 125.9 127.9 107.8 146.0 147 109.9 100.4 120.2 97.2 ^123 107.7 101.0 Feb.* 127.6 128.8 129.5 127.1 126.3 128.3 107.4 147.0 110.5 100.8 122.8 96.9 100.5 1 Employees only, excludes personnel in the armed forces. value of total construction contracts, including residential, nonresidential, 2 Production workers only. and heavy engineering; does not include data for Alaska and Hawaii. 3 Prices are not seasonally adjusted. Employment and payrolls: Based on Bureau of Labor Statistics data; includes data for Alaska and Hawaii beginning with 1959. NOTE.—Data are seasonally adjusted unless otherwise noted. Prices: Bureau of Labor Statistics data. Construction contracts: F. W. Dodge Corp. monthly index of dollar Freight carloadings: Based on data from Association of American Railroads. CONSTRUCTION CONTRACTS (In millions of dollars) 1963 1964 Ty ty p p e e o o f f o c w o n n e s r t s ru h c ip ti o a n nd 1962 1963 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. 41,303 45,546 2,779 2,917 3,583 3,983 4,851 4,402 4,125 4,061 3,707 4,313 3,749 3,413 3,346 By type of ownership: Public 13,599 14,653 932 1,092 1,182 1,168 1,567 1,384 1,319 1,318 1,154 1,321 1,157 1,155 Private 27,705 30,893 1,847 1,825 2,401 2,814 3,283 3,019 2,805 2,744 2,552 2,992 2,592 2,257 By type of construction: 18,039 20,502 1,250 1,215 1,642 1,986 2,061 1,966 1,934 1,883 1,789 2,028 1,519 1,325 1,372 Nonresidential ... . .. 13,010 14,377 1,016 1,005 1,146 1,210 1,452 1,458 1,271 1,322 1,154 1,331 1,082 1,102 1,158 Public works and utilities 10,255 10,667 514 698 796 787 1,337 978 920 857 764 954 1,148 985 816 NOTE.—Dollar value of total contracts as reported by the F. W. Dodga data exceed annual totals because adjustments—negative—are made to Corp. does not include data for Alaska or Hawaii. Totals of monthly accumulated monthly data after original figures have been published. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1964 CONSTRUCTION 385 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Period Total Total d N f r e a e n o r s t m n i i - a - l Total In tr d ia u B l s u - sine m C s e s o r m cia - l P u u ti b li l t i y c O n d r t e o t e i h s a n n i e l - - - r Total M ta i r l y i- H w ig ay h- S w a e a n w t d e e r r Other 1955 44,164 32,440 18,705 9,980 2,399 3,218 4,363 3,755 11,724 1,287 3,861 1,085 5,491 1956 45,815 33,067 17,677 11,608 3,084 3,631 4,893 3,782 12,748 1,360 4,431 1,275 5,682 1957 47,845 33,766 17,019 12,535 3,557 3,564 5,414 4,212 14,079 1,287 4,954 1,344 6,494 1958 48,950 33,493 18,047 11,058 2,382 3,589 5,087 4,388 15,457 1,402 5,545 1,387 7,123 19591 55,305 39,235 24,251 10,557 2,106 3,930 4,521 4,427 16,070 1,465 5,761 1,467 7,377 I960 53,941 38,078 21,706 11,652 2,851 4,180 4,621 4,720 15,863 1,366 5,437 1,487 7,573 1961 55,455 38,299 21,680 11,789 2,780 4,674 4,335 4 830 17 156 1,378 5,855 1,581 8,342 1962 59,036 41,478 24,174 12,251 2,857 5,023 4,371 5,053 17,558 1,269 6,156 1,754 8,379 1963 62,775 43,796 25,711 12,885 3,118 5,110 4,657 5,200 18,979 6,702 1,966 1963—Feb 59,154 41,376 24,273 12,107 2,771 4,902 4,434 4,996 17,778 1,405 6,170 1,760 8,443 Mar 60,114 41,526 24,353 12,175 2,774 4,963 4,438 4,998 18,588 1,255 6,960 1,778 8,595 Apr........... 59,555 42,436 24,984 12,437 2,810 4,890 4,737 5,015 17,119 1,176 5,602 1,802 8,539 May 60,458 43,143 25,646 12,432 2,852 4,775 4,805 5,065 17,315 1,369 5,611 1,868 8,467 June ... . . 62,335 43,184 25,801 12,251 2,976 4,589 4,686 5,132 19,151 1,682 6,813 1,927 8,729 July 62,733 43,931 25,888 12,807 3,136 4,953 4,718 5,236 18,802 1,909 6,331 1,990 8,572 64,194 44,571 25,832 13,397 3,310 5,346 4,741 5,342 19,623 6,965 2,061 Sept 64,228 44,827 25,919 13,536 3,395 5,561 4,580 5,372 19,401 6,550 2,109 Oct 65,888 45,608 26,532 13,722 3,461 5,412 4,849 5,354 20 280 7,442 2,128 Nov 66,106 45,750 26,927 13,460 3,538 5,367 4,555 5,363 20,356 7,706 2,159 Dec 65,522 45,867 26,615 13,841 3,577 5,412 4,852 5,411 19,655 6,761 2,176 1964—jan.p 65,878 45,788 26 687 13,717 3 469 5 400 4 848 5 384 20 090 7 150 2 185 Feb.*> 65,977 46,030 26,782 13,774 3,472 5,448 4,854 5,474 19,947 2,255 i Beginning with 1959, includes data for Alaska and Hawaii. NOTE.—Monthly data are at seasonally adjusted annual rates. Beginning with 1959, figures are Census Bureau estimates. Data before 1959 are joint estimates of the Depts. of Commerce and Labor. NEW HOUSING STARTS (In thousands of units) By area * By type of ownership Annual rate, Government- (private only) underwritten Period Total Non- Private Non- M po e li t t r a o n - p m o e l t it r a o n - 1- 2- Multi- Public Total farm Total family family family Total FHA VA 1954 1.220 897 324 1.202 1,077 34 90 19 583 276 307 1955 1,329 976 353 1,310 1,190 33 87 19 670 277 393 1956 1,118 780 338 1,094 981 31 82 24 465 195 271 1957 1,042 700 342 993 840 33 120 49 322 193 128 1958 1,209 827 382 1,142 933 39 170 68 439 337 102 1959 1,379 946 432 1,343 1,079 49 215 36 458 349 109 1959 1,554 1,077 477 1,517 1,234 56 227 37 458 349 109 I960 1,296 889 407 1,252 995 44 214 44 336 261 75 1961 1,365 948 417 1,313 975 44 295 52 328 244 83 1962 1,492 1,054 439 1.463 992 49 422 30 339 261 78 1963*3 V 617 1,139 478 *1,586 1,006 53 528 »31 292 221 71 1963 Jan 1,344 J.317 83 62 22 81 47 3 31 3 18 14 4 Feb 1,380 1,353 88 65 23 87 52 4 31 1 17 13 4 Mar 1,575 1,549 128 89 39 124 81 4 40 4 22 17 5 Apr 1,618 1,590 160 112 49 158 106 6 47 29 22 7 May 1,618 1,590 170 116 53 166 107 6 54 3 30 22 7 June 1,571 1,554 157 109 48 153 100 5 49 4 27 20 7 July 1,588 1,573 152 105 47 150 98 5 47 2 29 21 8 Aug 1,455 1,434 148 100 48 144 96 5 44 4 25 19 7 Sept . ... 1,732 1,697 147 104 44 145 93 5 48 2 25 19 6 Oct 1,847 1,807 166 117 49 163 103 5 55 3 27 21 6 Nov 1,564 1,533 121 84 37 119 72 4 44 2 22 17 5 Dec H 556 V1 510 P96 76 21 ^95 51 3 40 21 16 5 1964—Jan *l,700 ^1,668 *>101 75 26 p99 p\ 16 11 4 i Beginning with 1959, based on revised definition of metropolitan areas. Statistics, for which annual totals are given including overlap for 1959. Data from Federal Housing Admin, and Veterans Admin, represent NOTE.—Beginning with 1959, Census Bureau series includes both units started, based on field office reports of first compliance inspections. farm and nonfarm series developed initially by the Bureau of Labor Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

386 EMPLOYMENT MARCH 1964 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force Unemploy- Period i T ns o t t i a tu l t n io o n n a - l T la o b t o a r l Employed1 Not in the m ra e te n 2 t population force Total In nonagri- In U pl n o e y m ed - (pe S r .A ce . nt) Total cultural agriculture industries 1957 120.445 70,746 67,946 65,011 58,789 6,222 2,936 49,699 4.3 1958 121,950 71,284 68,647 63,966 58,122 5,844 4,681 50,666 6.8 1959 123,366 71,946 69,394 65,581 59,745 5,836 3,813 51,420 5 5 1960 3 125,368 73,126 70,612 66,681 60,958 5,723 3,931 52,242 5.6 1961 127,852 74,175 71,603 66,796 61,333 5,463 4,806 53,677 6.7 1962 130,081 74,681 71,854 67,846 62,657 5,190 4,007 55,400 5.6 1963 132,125 75,712 72,975 68,809 63,863 4,946 4,166 56,412 5.7 1963—Feb 131,414 73,999 71,275 66,358 62,309 4,049 4,918 57,414 5.9 Mar 131,590 74,382 71,650 67,148 62,812 4,337 4,501 57,208 5.7 Apr 131,740 74,897 72,161 68,097 63,424 4,673 4,063 56,843 5.7 May 131,865 75,864 73,127 69,061 63,883 5,178 4,066 56,001 5.9 132,036 77,901 75,165 70,319 64,365 5,954 4,846 54,135 5.7 July 132,196 77,917 75,173 70,851 64,882 5,969 4,322 54,279 5.6 132,345 77,167 74,418 70,561 65,065 5,496 3,857 55,178 5.5 Sept 132,497 75,811 73,062 69,546 64,220 5,326 3,516 56,686 5.5 Oct 132,682 76,086 73,344 69,891 64,541 5,350 3,453 56,596 5 6 Nov 132,853 76,000 73,261 69,325 64,548 4,777 3,936 56,852 5.9 Dec 133,025 75,201 72,461 68,615 64,576 4,039 3,846 57,824 5.5 1964—Jan 133,200 74,514 71,793 67,228 63,234 3,993 4,565 58,685 5.6 Feb 133,358 75,259 72,527 68,002 64,071 3,931 4,524 58,099 5.4 1 Includes selfnemployed, unpaid family, and domestic service workers. NOTE.—Information relating to persons 14 years of age and over is 2 Per cent of civilian labor force. obtained on a sample basis. Monthly data relate to the calendar week ' Inclusion of figures for Alaska and Hawaii beginning with 1960 that contains the 12th day; annual data are averages of monthly figures. •ncreased population by about 500,000 and total labor force by about Bureau of Labor Statistics estimate. 300,000. Most of the increase was in nonagricultural industries. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period Total M t a u n r u in f g ac- Mining c C o o n t n i s o t t r n r a u c c t - T t l i i r o c a n n u & s ti p l o i p t r u ie t b a s - - Trade Finance Service G m ov e e n r t n- 1957 52,904 17,174 828 2,923 4,241 10,886 2,477 6,749 7,626 1958 51,423 15,945 751 2,778 3,976 10,750 2,519 6 811 7 893 19591 53,404 16,675 732 2,960 4,011 11,127 2,594 7,115 8,190 I960 54,370 16,796 712 2,885 4,004 11,391 2,669 7,392 8 520 1961 54,224 16,327 672 2,816 3,903 11,337 2,731 7 610 8 828 1962 55,841 16,859 652 2,909 3,903 11,582 2,798 7,949 9 188 1963 57,174 17,035 634 3,029 3,913 11,865 2,866 8,297 9,535 SEASONALLY ADJUSTED 1963—Feb 56,458 16,872 631 2,920 3,899 11,729 2,839 8,144 9 424 Mar 56,706 16,948 631 2,928 3,894 11,795 2,848 8 207 9 455 Apr 56,873 17,037 639 3,005 3,890 11,784 2,853 8,199 9 466 May 57,060 17,095 640 3,019 3,909 11,825 2,864 8 228 9 480 57,194 17,075 639 3,046 3,919 11,864 2,865 8,282 9,504 July 57,340 17,103 640 3,069 3,936 11,884 2,870 8,349 9 489 57,344 17,033 635 3,083 3,941 11,907 2,873 8,373 9.499 Sept 57,453 17,076 632 3,071 3,950 11,922 2,873 8 377 9 552 Oct 57,646 17,119 629 3,066 3,937 11,935 2,887 8,430 9 643 Nov 57,^80 17,061 630 3,057 3,928 11 941 2 887 8 423 9 653 Dec 57,748 17,127 630 3,069 3,915 11,963 2,892 8.447 9,705 1964—Jan P 57,802 17,121 626 2,992 3,924 12,047 2 906 8 471 9 715 Feb P 58,082 17,176 625 3,143 3,926 12,079 2,910 8,497 9,726 NOT SEASONALLY ADJUSTED 1963—Feb 55,374 16,683 618 2,470 3,844 11,433 2,813 7,997 9,516 Mar 55,714 16,756 616 2,556 3,847 11,497 2,825 8 076 9 541 Apr 56,505 16,845 632 2,846 3,859 11,740 2,842 8,199 9 542 May 56,967 16,960 643 3,049 3,897 11,720 2,858 8,294 9,546 57,609 17,111 650 3,232 3,954 11,848 2,885 8 423 9 506 July 57,422 17,050 641 3,364 3,975 11,832 2,916 8,474 9 170 57,651 17,199 646 3,437 3,976 11,878 2,919 8,457 9.139 Sept 58,211 17,398 641 3,378 3,982 11,942 2,887 8 436 9 547 Oct 58,426 17,367 637 3,333 3,968 12,014 2,884 8,472 9 751 Nov 58,220 17,229 634 3,176 3,944 12,166 2,878 8,406 9,787 Dec 58,585 17,139 631 2,925 3,931 12,774 2,880 8,379 9,926 1964 Jan P 56,866 16,938 617 2,606 3,877 11,893 2,877 8,310 9.748 Feb P 56,949 16,982 612 2,659 3,871 11,775 2,884 8,344 9,822 I Data include Alaska and Hawaii beginning with 1959. ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed NOTE.—Bureau of Labor Statistics; data include all full- and part- forces are excluded. time employees who worked during, or received pay for the pay period Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1964 EMPLOYMENT AND EARNINGS 387 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1963 1964 1963 1964 Feb. Dec. Jan.*5 Feb.? Feb. Dec. Feb.? Total 12,455 12,653 12,650 12,703 12,276 12,665 12,482 12,522 Durable goods 6,956 7,129 7,127 7,153 6,884 7,155 7,070 7,079 Ordnance and accessories 120 118 118 117 120 119 118 117 Lumber and wood products 531 536 534 533 496 522 501 498 Furniture and fixtures 321 327 328 331 317 329 324 327 Stone, clay, and glass products 474 494 490 494 447 486 465 466 Primary metal industries 911 943 948 956 914 941 948 960 Fabricated metal products 864 897 894 902 854 904 891 891 Machinery except electrical 1,038 1,081 1,085 1,070 1,046 1,077 1,083 1,079 Electrical machinery 1,059 1,047 1,048 1,051 1,058 1,062 1,054 1,050 Transportation equipment 1,094 1,129 1,127 1,140 1,105 1.163 1,155 1,151 Instruments and related products 233 238 236 238 232 240 236 237 Miscellaneous manufacturing industries. 311 319 319 321 295 313 296 304 Nondurable goods 5,499 5,524 5,523 5,550 5,392 5,510 5,412 5,443 Food and kindred products 1,163 1,155 1,156 1,150 1,072 1,128 1,083 1,060 Tobacco manufactures 77 80 76 78 74 83 77 75 Textile-mill products 799 795 798 804 790 795 788 795 Apparel and other finished textiles 1,130 1,148 1,151 1,158 1,141 1,150 1,135 1,170 Paper and allied products 486 490 488 490 480 491 484 484 Printing, publishing and allied industries 579 597 598 600 576 602 594 596 Chemicals and allied products 521 525 525 532 516 522 520 527 Products of petroleum and coal 119 118 116 117 117 116 114 115 Rubber products 315 310 312 316 313 315 313 314 Leather and leather products 310 306 303 305 313 308 303 307 NOTE.—Bureau of Labor Statistics; data cover production and related for, the pay period ending nearest the 15th of the month. workers only (full- and part-time) who worked during, or received pay HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES Average hours worked Average weekly earnings Average hourly earnings (per week; S.A.) 'dollars per week;N.S.A.) ^dollars per hour;N.S.A.) Industry group 1963 1964 1963 1964 1963 1964 Feb. Dec Jan.P Feb.? Feb. Dec. Jar Fet.P Feb. Dec. Jan.? Feb.p Total.... 40.3 40.5 40.1 40.6 97.20 102.41 9990 101.15 2.43 251 2.51 2.51 Durable goods 41.0 415 40.8 41.3 106.23 111.90 10921 110.29 2.61 269 2.69 2.69 Ordnance and accessories 41.4 410 40.2 40.3 119.65 123.26 11999 119.29 2.89 297 2.97 2.96 Lumber and wood products 40.1 407 39.1 40.3 77.22 83.20 7970 81.97 1.96 2.08 2.07 2.07 Furniture and fixtures 40.9 410 40.1 41.5 79.19 85.06 7959 82.82 1.97 203 2.02 2.03 Stone, clay, and glass products 40.9 410 40.7 41.6 97.36 101.50 9950 100.69 2.44 250 2.50 2.48 Primary metal industries 40.6 411 41.0 41.2 122.21 126.38 12618 126.48 3.01 306 3.07 3.07 Fabricated metal products 41.3 418 41.3 41.7 105.01 111.04 10839 108.92 2.58 265 2.65 2.65 Machinery except electrical 41.7 424 41.8 42.3 114.82 120.70 11843 120.27 2.76 284 2.84 2.85 Electrical machinery 40.4 40.3 39.9 40.4 98.09 102.41 9975 101.30 2.44 251 2.50 2.52 Transportation equipment 41.9 42.3 42.1 41.8 123.14 133.30 128.13 127.41 2.96 310 3.08 3.07 Instruments and related products 41.1 407 40.0 41.0 101.18 102.91 10040 101.75 2.48 251 2.51 2.50 Miscellaneous manufacturing industries.. 39.8 395 38.8 40.1 80.19 82.39 79.87 82.78 2.03 207 2.08 2.08 Nondurable goods 39.7 396 39.1 39.9 85.85 90.17 8785 89.04 2.19 2.26 2.27 2.26 Food and kindred products 40.9 410 40.6 40.9 92.63 96.59 9568 95.44 2.31 235 2.38 2.38 Tobacco manufactures 37.6 382 38.0 35.7 69.70 74.86 7311 67.97 1.92 \90 1.96 1.97 Textile-mill products 40.3 411 40.4 41.2 68.00 72.69 7000 71.98 1.70 176 1.75 1.76 Apparel and other finished textiles 36.3 360 34.6 36.7 61.54 63.54 59.83 65.15 .70 177 1.77 1.78 Paper and allied products 42.7 430 42.6 42.9 102.97 108.36 106.34 106.85 2.44 252 2.52 2.52 Printing, publishing and allied industries. 38.4 384 38.2 38.4 108.20 113.98 110.96 111.25 2.84 293 2.92 2.92 Chemicals and allied products 41.4 417 41.3 41.5 110.83 115.09 114.12 113.99 2.69 276 2.77 2.76 Products of petroleum and coal 41.3 419 41.0 42.0 126.36 132.89 130.88 131.84 3.12 3.21 3.20 3.20 Rubber products 41.1 415 40.7 40.8 99.88 105.08 101.25 99.54 2.46 252 2.50 2.47 Leather and leather products 37.1 382 36.6 38.2 64.70 69.63 67.13 68.92 1.73 179 1.79 1.79 NOTE.—Bureau of Labor Statistics; data are for production and related workers only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

388 DEPARTMENT STORES MARCH 1964 SALES AND STOCKS, BY DISTRICT (1957-59= 100) Federal Reserve district Period United States Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n v d e- m Ri o c n h d - l A a t nt - a c C a h g i o - Lo S u t i . s M a i p n o n l e i - s Ka C n i s ty as Dallas F c S r i a s a c n n o - SALES 1956 94 96 89 97 96 95 90 99 96 93 93 92 91 1957 96 96 95 98 98 97 94 100 97 97 94 96 93 1958 99 99 100 99 98 98 99 97 98 99 99 99 98 1959 105 104 105 104 104 105 107 104 104 104 107 105 109 I960 106 106 108 104 108 105 107 104 103 106 108 100 110 1961 109 112 112 107 110 108 110 105 104 108 111 102 115 1962 114 114 116 111 113 113 118 110 109 109 114 108 123 1963 119 118 121 111 116 119 127 115 112 113 118 112 129 SEASONALLY ADJUSTED 1963 Jan '114 115 113 '105 '112 116 '122 107 '110 110 '109 107 127 Feb 114 111 115 108 109 112 119 108 108 114 117 109 128 Mar 119 121 119 112 118 123 135 116 114 117 122 113 130 Apr 115 112 119 105 111 111 118 110 114 103 118 110 118 May 117 118 119 111 113 116 123 111 111 110 118 110 129 June 120 119 120 112 118 120 130 119 117 116 120 115 127 July 120 121 123 115 116 118 124 116 113 114 120 113 128 126 129 129 116 125 126 130 126 115 125 122 112 132 Sent 121 123 128 120 119 124 130 118 112 111 116 111 125 Oct 113 112 113 104 112 112 121 109 102 110 110 102 127 Nov . . . .. 117 110 114 105 113 119 131 115 109 112 117 109 130 Dec 126 124 129 118 '120 125 134 123 '116 '117 126 121 136 1964—Jan 120 121 113 121 123 134 z>119 119 P120 117 P\35 NOT SEASONALLY ADJUSTED 1963 Jan 86 '88 90 75 '82 82 '93 79 79 76 82 '84 97 Feb 85 79 88 78 79 79 92 79 78 80 84 80 101 Mar 101 95 101 98 97 102 116 97 97 96 101 98 105 Apr 112 112 111 104 111 112 121 109 107 105 114 108 116 May 112 114 114 108 109 111 116 110 110 105 114 106 118 June 114 113 116 104 109 110 117 115 109 113 114 103 121 July 100 91 94 87 98 99 111 96 95 91 108 103 117 Aug 114 106 103 96 113 112 120 113 109 121 122 113 127 Sept . .. 121 124 128 119 119 124 122 119 112 119 117 107 124 Oct 116 115 121 108 110 120 122 113 107 114 113 104 124 Nov 141 139 144 139 141 142 151 138 130 '129 133 126 147 Dec 229 242 235 217 '229 232 '241 217 208 '209 218 210 248 1964—Jan 90 97 82 89 87 103 83 P91 92 STOCKS 1956. . 94 96 89 95 93 99 98 97 102 98 99 91 92 1957 99 97 97 99 102 100 102 100 103 102 100 99 96 1958 98 99 99 98 97 96 97 97 98 97 98 98 97 1959. . 103 104 104 103 101 104 101 103 99 101 103 104 107 1960 109 108 110 105 113 108 107 108 103 108 109 106 114 1961 110 111 109 105 112 110 108 109 111 108 111 103 115 1962 ... 117 116 115 112 116 118 118 119 117 113 113 112 126 1963 123 120 120 112 125 121 127 125 121 116 119 117 132 SEASONALLY ADJUSTED 1963—Jan 120 119 116 '112 125 '120 '128 120 117 111 '112 r114 '129 Feb 119 119 116 109 121 119 126 119 120 112 114 113 127 Mar 120 119 115 108 119 119 123 121 118 113 117 113 129 Apr 120 120 118 110 122 121 122 119 121 114 118 114 128 May 121 120 119 109 120 117 125 124 119 115 120 118 132 June 121 118 118 109 119 118 127 126 122 115 118 118 129 July 123 121 119 112 125 119 128 126 122 115 121 120 131 Aug 122 119 118 113 127 118 124 125 120 115 120 117 130 Sept 124 119 120 114 126 118 126 129 121 122 120 115 133 Oct . . .. 128 123 124 116 129 124 129 132 122 121 124 119 139 Nov 128 123 126 117 128 128 130 131 127 122 122 122 138 Dec 127 122 125 '116 127 126 133 126 130 119 120 123 138 1964—Jan P127 124 123 115 134 P128 135 123 116 126 P128 NOT SEASONALLY ADJUSTED 1963—Jan 107 104 105 99 106 '104 '115 108 104 99 '102 '100 r116 Feb 112 109 109 102 112 109 123 110 111 106 108 106 120 Mar 120 118 117 109 119 120 126 121 119 112 117 114 130 Apr 123 121 121 114 123 124 125 125 124 114 121 117 129 May 122 121 120 112 121 119 124 127 119 113 118 116 130 June. 116 112 111 103 121 111 118 122 115 107 113 111 125 July 117 111 107 102 119 112 118 123 117 112 115 115 127 Aug 122 118 115 109 125 119 124 124 121 116 118 119 131 Sept 131 129 126 121 135 127 133 137 129 129 125 122 139 Oct 143 143 141 134 148 140 145 144 139 137 137 135 154 Nov 147 146 147 137 151 145 152 147 143 140 141 139 157 Dec 116 114 117 '105 118 115 118 112 116 112 112 113 126 1964—Jan 109 111 106 114 P112 121 111 103 112 P126 NOTE.—Based on retail figures; sales are average per trading day; For description of series and for back data beginning with 1947, see stocks are as of end of month or averages of monthly data. July 1962 BULL., p. 803. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1964 DEPARTMENT STORES 389 DEPARTMENT STORE MERCHANDISING DATA Amounts (millions of dollars) Ratios to sales Period Out- Out- Stocks Sales Stocks st i a n n g d- ce R i e p - ts o N rd e e w rs Stocks st i a n n g d- o p u lu ts s , ce R i e p - ts orders orders orders 1954 409 1,140 388 410 All 3.0 1.0 4.0 1.0 1955 437 1.195 446 444 449 2.9 4.0 JO 1956 454 1,286 470 459 458 3.0 l.l 4.1 0 1957 459 1,338 461 461 458 3.1 L.l 4.1 • 0 1958 462 1,323 437 462 464 3.0 1.0 4.1 10 1959 488 1,391 510 495 498 3.0 4.1 l.l I960 494 1,474 518 496 493 3.1 l.l 4.3 1.0 1961 506 1,485 529 512 517 3.1 l.l 4.2 o 1962 524 1,590 569 530 529 3.2 .2 4.4 1 1963 '539 1,655 592 '544 '545 3.3 .2 4.5 .0 1963—Jan '410 r1,462 '499 '375 '492 3.6 .2 4.8 .9 Feb 366 1,508 555 408 465 4.1 1.5 5.6 1 Mar 467 1,616 507 575 527 3.5 1 4.5 7 Apr 512 1,653 459 549 501 3.2 .9 4.1 .1 May. 512 1,632 509 491 541 3.2 .0 4.2 0 June . . ... 482 1,540 710 390 591 3.2 .5 4.7 .8 July 435 1,553 769 448 507 3.6 .8 5.3 .0 519 1,627 722 593 546 3.1 .4 4.5 1 Sent ..... 509 1,768 739 650 667 3.5 .5 4.9 .3 Oct 556 1,938 680 726 667 3.5 .2 4.7 Nov . . . 631 I 998 555 691 566 3.2 .9 4.1 1 Dec 1,063 1,565 400 630 475 1.5 .4 1.9 .6 1964—Jan * 441 1,519 530 395 525 3.4 1.2 4.6 .9 NOTE.—Sales, stocks, and outstanding orders: actual dollar amounts Receipts and new orders: monthly totals derived from reported figures reported by a selected group of department stores whose 1963 sales on sales, stocks, and outstanding orders. were more than 40 per cent of estimated total department store sales. Sales For further description see Oct. 1952 BULL., pp. 1098-1102. Back are total for month, stocks and outstanding orders are as of end of month. figures may be obtained upon request. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

390 PRICES MARCH 1964 CONSUMER PRICES (1957-59= 100) Housing Health and recreation Period it A em ll s Food Total Rent o H w s o h n m i e p e r- - F a o u n i e d l l e G a l n e a d c s - n F i a n i u n s g h d r s - - A u p p a p n k a d e r e e p l T p t o r i a r o n t n a s - - Total M c ic a e a r d e l - s P c o a e n r r a e - l r R e a i c e n n r a g e d d a - - g O s a o e t n o r h v d d e - r s coal tricity opera- tion ices tion 1929 59.7 55.6 85 4 1933 45.1 35.3 60.8 1941 51 3 44 2 61 4 64 3 45 2 88 3 51 2 50 6 47 6 57 3 58 2 1945 . 62.7 58.4 67.5 66.1 53.6 86.4 55.4 57.5 63.6 75.0 67.3 1955 93.3 94.0 94.1 94.8 92.6 91.9 94.9 97.3 95.9 89.7 91.4 88.6 90.0 92.1 94.3 1956 94.7 94.7 95.5 96.5 94.1 95.9 95.9 97.3 97.8 91.3 93.6 91.8 93.7 93.4 95.8 1957 98.0 97.8 98.5 98.3 98.2 100.8 96.9 99 A 99.5 96.5 97.0 95.5 97.1 96.9 98.5 1958 100.7 101.9 100.2 100.1 100.4 99 0 100.3 99.9 99 8 99 7 100 3 100 1 100.4 100.8 99.8 1959 101.5 100.3 101.3 101.6 101.4 100.2 102.8 100.7 100.6 103.8 102.8 104.4 102.4 102.4 101.8 I960 103.1 101.4 103.1 103.1 103.7 99.5 107.0 101.5 102.2 103.8 105.4 108 1 104.1 104.9 103.8 1961 104.2 102.6 103.9 104.4 104.4 101.6 107.9 101.4 103.0 105.0 107.3 111.3 104.6 107.2 104.6 1962 . 105.4 103.6 104.8 105.7 105.6 102.1 107.9 101.5 103 6 107 2 109 4 114 2 106.5 109.6 105.3 1963 106.7 105.1 106.0 106.8 107.0 104.0 107.9 102.4 104.8 107.8 111.4 116.7 107.9 111.5 107.1 1963—Jan 106.0 104.7 105.4 106.3 106.1 104.9 108.2 101.8 103.7 106.6 110.1 115 5 107.4 110.2 105.7 Feb 106.1 105.0 105.4 106.4 106.1 104.8 108.0 102.1 104.0 106.8 110.1 115.6 107.3 110.0 105.7 Mar 106.2 104.6 105.7 106.4 106.5 104.8 108.0 102.3 104.2 107.0 110.2 115.8 107.3 110.1 105.7 Apr 106.2 104.3 105.8 106.5 106.9 104.2 107.5 102.3 104.4 107.0 110.7 116.1 107.6 111.0 105.8 IVIay 106.2 104.2 105.7 106.6 106.7 102.4 107.4 102.3 104.3 107.4 110.7 116.4 107.8 110.7 106.0 June 106.6 105.0 105.9 106.7 106.8 102.1 108.1 102.4 104.5 107.4 111.4 116.8 107.8 110.9 107.6 July 107.1 106.2 106.0 106.7 107.1 102.3 108.1 102.4 104.5 107.8 111.7 116.9 108.0 111.5 108.0 Aug 107.1 106.0 106.0 106.8 107.1 102.6 107.2 102.5 104 7 108 3 111.9 117 1 108.0 112.1 108.0 Sept 107.1 105.4 106.2 107.0 107.2 103.7 108.0 102.7 105.4 107.9 112.1 117.2 108.2 112.3 108.0 Oct 107.2 104.9 106.3 107.1 107.4 104.5 108.1 102.6 105.9 109.0 112.3 117.4 108.4 112.7 108.2 Nov 107.4 105.1 106.6 107.2 108.0 105.4 108.0 102.7 106.1 109.1 112.4 117 5 108.4 112.8 108.3 Dec 107.6 105.4 106.9 107.3 108.4 105.8 108.1 102.9 106.1 108.9 112.7 C117.9 108.8 113.1 108.3 1964—Jan 107.7 105.8 106.9 107.3 108.5 106.6 108.1 102.7 105.0 109.4 112.7 118.2 108.5 113.1 108.3 NOTE.—Bureau of Labor Statistics index for city wage-earners and clerical workers. The new series index begins with January 1964. WHOLESALE PRICES: SUMMARY (1957-59= 100) Other commodities Period m c t A o o ie m l d s l i - - p F u r a c o r t d m s - P f e o s r o s o e d c d s - Total t T e il e t e c x s . - , H e i t d c e . s. F e u tc e . l, C ic e h a t e c l m . s, - R b e u t e c b r . , - L b e u t e c m r . , - P e a t p c e . r, Metals c M e h r i a y n - - F t e u u t r r c e n . , i- N t m m a o l i e l n n i - c - - b T ac o c - o n c M e e o l i l s u a - - s erals 1955 93.2 97.9 94.3 92.4 100.7 89.5 94.5 96.9 99.2 102.3 91.1 90.0 85.8 94.3 91.3 94.6 99.1 1956 96.2 96.6 94.3 96.5 100.7 94.8 97.4 97.5 100.6 103.8 97.2 97.8 92.1 96.9 95.2 95.1 98.1 1957 99.0 99.2 97.9 99.2 100.8 94.9 102.7 99.6 100.2 98.5 99.0 99.7 97.7 99.4 98.9 98.0 96.6 1958 100.4 103.6 102.9 99.5 98.9 96.0 98.7 100.4 100.1 97.4 100.1 99.1 100.1 100.2 99.9 99.7 101.5 1959 100.6 97.2 99.2 101.3 100.4 109.1 98.7 100.0 99.7 104.1 101.0 101.2 102.2 100.4 101.2 102.2 101.9 1960 100.7 96.9 100.0 101.3 101.5 105.2 99.6 100.2 99.9 100.4 101.8 101.3 102.4 100.1 101.4 102.5 99.3 1961 100.3 96.0 100.7 100.8 99.7 106.2 100.7 99.1 96. 95.9 98.8 100.7 102.3 99.5 101.8 103.2 103.9 1962 100.6 97.7 101.2 100.8 100.6 107.4 100.2 97.5 93.3 96.5 100.0 100.0 102.3 98.8 101.8 104.1 107.3 1963? 100.3 95.7 101.1 100.7 100.5 104.2 99.8 96.3 93.8 98.6 99.2 100.1 102.2 98.1 101.3 106.1 110.4 1963—Jan.. 100.5 98.5 100.8 100.7 100.4 106.0 100.4 96.9 94.3 95.9 99.0 99.5 102.3 98.3 101.4 104.3 111.6 Feb. 100.2 96.5 100.5 100.6 100.3 105.1 100.3 96.7 94.2 96.1 99.1 99.4 102.2 98.2 101.5 104.3 111.5 Mar. 99.9 95.4 99.0 100.6 100.2 105.1 100.8 96.8 94.1 96.5 99.0 99.4 102.0 98.2 101.5 104.3 110.8 Apr. 99.7 95.4 99.3 100.4 100.1 104.5 100.3 96.3 94.1 97.0 99.0 99.4 101.9 98.1 101.5 104.4 108.0 May 100.0 94.4 101.7 100.5 100.2 104.8 100.4 96.4 93.2 97.5 99.1 99.9 102.0 98.0 101.3 105.2 107.6 June 100.3 94.9 102.4 100.7 100.3 104.5 100.9 96.3 93. 98.3 99.4 100.0 102.0 98.1 101.2 105.8 108.1 July. 100.6 96.8 102.2 100.8 100.4 104.3 100.4 96.0 93.0 101.6 99.0 100.0 102.1 98.0 100.9 107. 110.4 Aug. 100.4 96.3 100.9 100.8 100.4 103.6 98.9 96.0 93.7 102.6 99.1 100.1 102.1 98.1 101.0 107. 111.1 Sept. 100.3 95.5 100.9 100.7 100.5 103.1 99.0 96.0 93.4 99.9 99.1 100.3 102.2 98.1 101.1 107. 111.8 Oct.. 100.5 95.1 102.2 100.9 100.7 103.4 98.8 96.2 94.2 99.2 99.5 100.9 102.3 98.1 101.3 107. 111.2 Nov. 100.7 96.2 102.5 100.9 101.1 103.5 97.9 96.3 94.2 99.2 99.4 101.0 102.5 98.1 101.2 107. 110.9 Dec. 100.3 93.3 100.4 101.2 101.2 '103.0 99.3 96.2 93.8 99.1 99.4 101.3 102.6 98.0 101.3 107, 112.2 1964—Jan.. 101.0 96.3 102.4 101.3 101.3 102.3 99.5 96.3 93.7 99.1 99.9 101.5 102.5 98.3 101.1 107.6 112.6 See next page for composition of other commodities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1964 PRICES 391 WHOLESALE PRICES: DETAIL (1957-59= 100) 1963 1964 1963 1964 Group Group Jan. Nov. Dec Jan. Jan. I Nov. Dec. Jan. Farm Products: Pulp, Paper, and Allied Products: Fresh and dried produce 104.0 96.1 94.8 95.8 Woodpulp 89.4 94.4 94.4 96.1 Grains 102.0 100.3 101.8 103.9 Wastepaper 94.7 91.0 90.8 91.1 Livestock and poultry 94.1 87.9 79.9 84.7 Paper 102.2 102.9 102.9 103.1 Plant and animal fibers 99.3 99.8 101.4 101.5 Paperboard 94.1 96.6 96.5 96.5 Fluid milk 101.3 103.2 103.4 103.0 Converted paper and paperboard... 99.6 99.4 99.5 100.0 Eggs 100.1 102.4 99.8 106.3 Building paper and board 95.6 95.9 r96.0 I 96.0 Hay and seeds 111.9 117.5 114.6 115.5 Other farm products 87.4 90.7 90.6 99.0 Metals and Metal Products: Processed Foods : Iron and steel 99.9 100.0 100.2 Nonferrous metals 98.0 100.2 101.0 101.4 Cereal and bakery products 107.4 107.3 106.9 107.0 Metal containers 104.5 104.6 104.6 104.6 Meat, poultry, and fish 97.9 91.7 87.7 91.8 Hardware 103.8 104.4 104.3 104.4 Dairy products and ice cream 107.8 107.9 108.1 108.0 Plumbing equipment 97.5 100.6 100.6 100.5 Canned and frozen fruits, and veg- Heating equipment 92.5 92.8 92.7 91.9 etables 100.0 106.4 106.8 107.2 Fabricated structural metal products 98.1 98.9 r99.0 98.9 Sugar and confectionery 105.0 131.2 124.9 130.3 Fabricated nonstructural metal prod- Packaged beverage materials 79.1 84.1 85.7 89.7 ucts 103.7 I 107.1 108.2 108.5 Animal fats and oils 82.8 93.5 r88.4 88.4 Crude vegetable oils , 81.0 84.0 76.7 75.1 Machinery and Motive Products: Refined vegetable oils 88.4 84.1 77.4 74.8 Vegetable oil and products 91.9 87.4 87.9 87.9 Agricultural machinery and equip.... 110.8 111.4 112.0 Miscellaneous processed foods 100.2 107.8 107.4 107.4 Construction machinery and equip... 108.3 110.9 111.8 Metalworking machinery and equip.. 109.2 110.5 r110.8 110.8 Textile Products and Apparel: General purpose machinery and equipment 103.9 104.7 r104.8 104.8 Cotton products 100.6 101.3 101.5 101.3 Miscellaneous machinery 103.4 103.7 r103.7 104.1 Wool products 100.7 101.6 102.8 103.1 Special industry machinery and Man-made fiber textile products.... 93.7 94.4 94.6 95.0 equipment (Jan. 1961= 100) 102.9 104.7 105.0 105.3 Silk products 149.8 130.5 126.3 121.6 Electrical machinery and equip 97.8 97.5 r97.7 97.1 Apparel 101.3 102.3 102.3 102.3 Motor vehicles 100.8 99.9 99.9 99.8 Other textile products 123.3 119.0 116.0 120.0 Transportation equip., R.R. rolling stock (Jan. 1961= 100) 100.5 100.5 100.5 i 100.5 Hides, Skins, Leather, and Products: Hides and skins 95.2 82.7 76.3 76.1 Furniture and Other Household Dura- Leather 105.2 99.7 99.5 99.5 bles: Footwear 108.3 108.2 108.2 108.3 Other leather products 104.9 103.2 103.3 100.3 Household furniture 104.5 104.8 104.7 104.9 Fuels and Related Products, and Power: C Fl o o m or m c e o rc v i e a r l i n f g u s rniture 1 9 0 6 2 . . 2 3 1 9 0 7 3 . < 9 i 1 9 03 8 . . 1 0 1 1 0 0 3 0 . . 1 0 Household appliances , 92.3 912 91.1 91.1 Coal 98.3 98.3 98.3 98.5 Television, radios, and phonographs., 90.1 87 87.3 87.1 Coke 103.6 103.6 103.6 103.6 Other household durable goods , 102.8 103.4 103.3 103.6 Gas fuels (Jan. 1958= 100) 120.8 122.3 124.8 Electric power (Jan. 1958= 100) 102.5 101.3 101.3 101.3 Petroleum products, refined 98.2 93.8 96.1 96.6 Nonmetallic Mineral Products: Chemicals and Allied Products: Flat glass 96.6 101.0 101.0 101.0 Concrete ingredients 102.7 102.9 103.1 102.6 Industrial chemicals 96.0 94.2 94.3 94.2 Concrete products 102.5 101.4 101.4 101.2 Prepared paint 103.8 105.1 105.3 105.3 Structural clay products 103.7 103.5 103.5 103.5 Paint materials 93.0 91.1 91.0 91.1 Gypsum products 105.0 106.1 106.1 106.1 Drugs and Pharmaceuticals 95.2 95.0 r95.0 95.4 Prepared asphalt roofing 89.4 87.4 87.4 87.4 Fats and oils, inedible 71.7 90.2 r85.O 83.1 Other nonmetallic minerals 102.4 101.4 101.4 101.3 Mixed fertilizers 103.0 103.7 103.5 103.6 Fertilizer materials 100.8 98.4 98.4 99.4 Tobacco Products and Bottled Bever- Other chemicals and products 99.6 99.0 99.1 99.1 ages: Rubber and Products: Tobacco products 102.2 105.9 105.9 105.9 Alcoholic beverages 101.1 100.9 101.0 101.0 Crude rubber 94.1 91.6 89.9 89.4 Nonalcoholic beverages 117.4 127.7 127.7 127.7 Tires and tubes 89.0 91.7 91.4 91.3 Miscellaneous rubber products 99.7 97.9 97.9 97.9 Miscellaneous Products: Lumber and Wood Products: Toys, sporting goods, small arms... 101.3 101.0 '"101.1 101.2 Manufactured animal feeds 118.3 117.2 119.7 120.4 Lumber 95.9 99.3 99.2 99.3 Notions and accessories 98.7 99.1 99.1 99.1 Millwork 102.3 106.2 106.3 106.7 Jewelry, watches, photo equipment.. 104.0 103.6 103.6 103.6 Plywood 90.5 92.5 92.4 91.2 Other miscellaneous products 101.8 101.4 101.4 101.7 NOTE.—Bureau of Labor Statistics index. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

392 NATIONAL PRODUCT AND INCOME MARCH 1964 GROSS NATIONAL PRODUCT OR EXPENDITURE (In billions of dollars) 1962 1963 Item 1929 1933 1941 1950 1959 1960 1961 1962 1963 IV III IV Gross national product 104.4 56.0 125.8 284.6 482.7 502.6 518.2 554.9 585.1 565.2 571.8 579.6 588.7 600.1 Personal consumption expenditures. 79.0 46.4 81.9 195.0 313.5 328.2 336.8 355.4 373.1 362.9 367.4 370.4 374.9 379.9 Durable goods 9.2 3.5 9.7 30.4 43.6 44.9 43.6 48.2 51.5 50.5 50.6 51.0 50.8 53.6 Nondurable goods 37.7 22.3 43.2 99.8 147.1 151.8 155.1 161.4 167.1 163.6 165.3 165.9 168.6 168.7 Services 32.1 20.7 29.0 64.9 122.8 131.5 138.0 145.7 154.5 148.9 151.4 153.5 155.5 157.7 Gross private domestic investment.. 16.2 1.4 18.1 50.0 72.7 71.8 69.0 78.8 82.3 78.8 77.8 80.7 83.7 87.1 New construction 8.7 1.4 6.6 24.2 40.2 40.7 41.6 44.4 46.6 45.0 43.7 45.8 47.9 49.2 Residential, nonfarm 3.6 .5 3.5 14.1 22.3 21.1 21.0 23.2 25.0 23.7 22.7 24.8 25.9 26.8 Other 5.1 1.0 3.1 10.1 17.9 19.7 20.5 21.2 21.6 21.2 21.0 21.0 22.0 22.4 Producers' durable equipment... 5.9 1.6 6.9 18.9 25.9 27.6 25.5 28.8 30.9 29.9 29.0 30.7 31.6 32.5 Change in business inventories. . 1.7 -1.6 4.5 6.8 6.6 3.5 1.9 5.5 4.7 4.0 5.1 4.3 4.2 5.4 Nonfarm only 1.8 -1.4 4.0 6.0 6.5 3.2 1.5 4.9 4.2 3.2 4.3 3.6 3.7 5.1 Net exports of goods and services. .8 .2 1.1 .6 -.8 3.0 4.4 3.8 4.5 3.3 3.6 4.8 4.3 5.4 Exports 7.0 2.4 6.0 13.1 22.9 26.3 27.5 28.9 30.7 28.8 28.6 30.7 31.4 32.3 Imports 6.3 2.3 4.8 12.5 23.6 23.3 23.1 25.1 26.2 25.5 24.9 25.9 27.1 26.9 Government purchases of goods and services. 8.5 8.0 24.8 39.0 97.2 99.6 107.9 117.0 125.1 120.2 123.0 123.8 125.7 127.7 Federal 1.3 2.0 16.9 19.3 53.6 53.1 57.4 62.4 66.3 63.6 65.5 66.5 66.4 66.6 National defense 13.8 14.3 46.2 45.7 49.0 53.3 56.7 54.3 56.4 56.7 56.7 57.2 Other 1.3 2.0 ' 3.2 5.2 7.9 8.0 8.9 10.0 10.5 10.4 10.1 10.6 10.8 10.4 Less: Government sales .1 .5 .6 .6 .8 1.0 1.1 1.0 .8 1.2 1.0 State and local 7.2 6.0 7.8 19.7 43.6 46.5 50.6 54.6 58.8 56.6 57.5 57.3 59.4 61.2 Gross national product in constant (1954) dollars 181.8 126.6 238.1 318.1 428.6 439.9 447.7 474.8 492.9 481.4 485.3 489.4 495.1 501.7 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally Business; U.S. Income and Output, A Supplement to the Survey of Current adjusted totals at annual rates. For back data and explanation of series Business (1958); and the July 1963 Survey of Current Business. see National Income 1954 Edition, A Supplement to the Survey of Current NATIONAL INCOME (In billions of dollars) 1962 1963 Item 1929 1933 1941 1950 1959 1960 1961 1962 1963 IV II III IV National income 87.8 40.2 104.7 241.9 400.5 414.5 426.1 453.7 478.4 462.2 466.7 474.6 482.0 n.a. Compensation of employees 51.1 29.5 64.8 154.2 278.5 293.6 302.1 322.9 340.4 327.7 332.0 338.7 342.8 347.9 Wages and salaries 50.4 29.0 62.1 146.4 258.5 271.3 278.8 297.1 312.3 301.5 304.5 319.8 314.6 319.4 P G M r o i i v l v i a e ta t r e r n y ment civilian „ 4 4 5 ^ .5 6 2 4 3 . . . 9 9 3 5 8 1 1 . . . 3 9 9 1 1 2 5 7 4 . . . 3 0 1 2 3 1 9 5 3 . . . 9 4 1 2 3 2 9 8 2 . . . 9 5 9 2 4 2 1 1 7 0 . . . 6 0 2 2 4 4 1 4 1 0 . . . 7 6 8 2 4 5 1 8 3 1 . . . 3 0 0 2 4 4 1 6 4 0 . . . 3 7 5 2 4 4 1 7 6 0 . . . 1 7 7 2 4 5 1 7 2 0 . . . 8 2 8 2 4 5 1 8 0 5 . . . 8 7 1 2 4 5 1 9 8 1 . . . 5 1 8 Supplements to wages and salaries .7 .5 2.7 7.8 20.1 22.3 23.3 25.7 28.0 26.2 27.5 27.9 28.2 28.5 Employer contributions for social insurance .1 .1 2.0 4.0 9.7 11.3 11.9 13.7 15.4 13.8 15.0 15.3 15.5 15.7 Other labor income .6 .4 .7 3.8 10.4 11.0 11.4 12.1 12.6 12.3 12.4 12.6 12.7 12.8 Proprietors' income 5.6 17.4 37.5 46.5 46.2 48.1 49.8 50.5 50.3 50.7 50.0 50.5 50.8 14.8 Business and professional 8.8 3.2 10.9 23.5 35.1 34.2 35.3 36.5 37.7 36.9 37.2 37.4 37.8 38.2 Farm 6.0 2.4 6.5 14.0 11.4 12.0 12.8 13.3 12.8 13.4 13.5 12.6 12.7 12.6 Rental income of persons 5.4 2.0 3.5 9.0 11.9 12.1 12.1 12.0 12.1 12.0 12.0 12.0 12.1 12.2 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 47.2 44.5 43.8 47.0 51.3 49.3 48.8 50.1 52.2 n.a. Profits before tax 9.6 .2 17.0 40.6 47.7 44.3 43.8 46.8 51.7 48.4 48.3 51.0 52.2 n.a. Profits tax liability 1.4 .5 7.6 17.9 23.2 22.3 22.0 22.2 24.5 22.9 22.9 24.2 24.7 n.a. Profits after tax 8.3 -.4 9.4 22.8 24.5 22.0 21.8 24,6 27.2 25.5 25.4 26.8 27.5 n.a. Dividends 5.8 2.1 4.5 9.2 13.7 14.5 15.3 16.6 17.8 17.1 17.1 17.6 17.6 18.8 Undistributed profits 2.4 -2.4 4.9 13.6 10.8 7.5 6.5 8.1 9.4 8.4 8.3 9.2, 9.8 n.a. Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -.5 .2 .2 -.4 .9 .4 -.9 .0 -1.1 Net interest 6.4 5.0 4.5 5.5 16.4 18.1 20.0 22.0 24.1 23.0 23.3 23.7 24.3 25.0 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also NOTE to previous table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1964 NATIONAL PRODUCT AND INCOME 393 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING (In billions of dollars) 1962 1963 Item 1929 1933 1941 1950 1959 1960 1961 1962 1963 IV II III IV Gross national product. 104.4 56.0 125.8 284.6 482.7 502.6 518.2 554.9 585.1 565.2 571.8 579.6 588.7 600.1 Less: Capital consumption allowances 8.6 7.2 9.0 19.1 41.0 43.0 44.3 49.4 51.6 50.1 50.6 51.3 52.1 52.7 Indirect business tax and nontax liability 7.0 7.1 11.3 23.7 42.6 46.4 49.1 53.0 56.6 54.1 55.2 56.0 57.2 58.1 Business transfer payments , .6 .7 .5 .8 2.1 2.2 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.3 Statistical discrepancy .3 .9 .4 -.7 -3.0 -3.0 -1.9 -1.8 -3.2 -1.9 -2.3 -4.1 -4.4 n.a. Plus: Subsidies less current surplus of government enterprises -.1 .1 .2 .4 .5 1.7 1.7 .7 1.6 .7 .4 .5 1.1 Equals: National income 87.8 40.2 104.7 241.9 400.5 414.5 426.1 453.7 478.4 462.2 466.7 474.6 482.0 n.a. Less: Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 47.2 44.5 43.8 47.0 51.3 49.3 48.8 50.1 52.2 n.a. Contributions for social insurance. .2 .3 2.8 6.9 17.6 20.6 21.4 23.9 27.2 24.2 26.5 27.0 27.4 27.8 Plus: Government transfer payments... .9 1.5 2.6 14.3 25.4 27.3 31.3 32.5 34.6 33.6 34.7 34.2 34.4 35.2 Net interest paid by government. 1.0 1.2 1.3 4.8 7.1 7.8 7.7 8.0 8.4 8.2 8.3 8.4 8.5 8.5 Dividends 5.8 2.1 4.5 9.2 13.7 14.5 15.3 16.6 17.8 17.1 17.1 17.6 17.6 18.8 Business transfer payments .6 .7 .8 2.1 2.2 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.3 Equals: Personal income 85.8 47.2 96^3 228.5 383.9 401.3 417.4 442.1 463.0 449.9 453.9 459.9 465.2 473.0 Less: Personal tax and nontax payments.... 2.6 1.5 3.3 20.8 46.3 51.4 52.9 57.7 60.5 58.5 59.4 59.9 60.8 62.1 Federal 1.3 .5 2.0 18.2 40.4 44.0 45.1 49.0 50.9 49.7 50.0 50.4 51.1 52.2 State and local 1.4 1.3 2.6 6.4 8.7 9.4 9.6 9.9 1.0 7.3 7.8 9.6 8.8 9.7 Equals: Disposable personal income 83.1 93.0 207.7 337.1 384.4 394.5 400.0 410.9 45.7 349.9 364.4 402.4 391.4 404.4 Less: Personal consumption expenditures... 79.0 81.9 195.0 313.5 355.4 367.4 370.4 379.9 46.4 328.2 336.8 373.1 362.9 374.9 Equals: Personal saving 4.2 11.1 12.6 23.6 29.1 27.1 29.6 31.0 -.6 21.7 27.6 29.3 28.5 29.5 Disposable personal income in constant (1954) dollars , 134.9 102.1 175.1 231.0 310.7 317.8 328.4 343.6 354.9 348.2 349.5 353.2 356.0 360.7 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also NOTE to table at top of previous page. PERSONAL INCOME (In billions of dollars) 1963 1964 1962 1963 Item Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.* Total personal income. 442.1 463.0 1454.0 452.9 454.8 457.4 460.1 462.6 464.2 465.1 467.3 471.2 472.6 476.0 2478.7 Wage and salary disbursements 297.7 312.3 302.8 304.7 306"./ 308.7 311.2 312.9 314.1 314.4 316.2 318.7 319.2 320.8 321.9 Commodity-producing industries.. 118.5 123.8 119.5 120.1 120.9 122.5 123.8 124.7 125.1 124.7 125.5 126.3 126.2 121.2 127.1 Manufacturing only 94.2 98.3 94.7 95.5 96.3 97.2 98.4 99.0 99.2 98.7 99.6 100.2 100.2 101.1 101.3 Distributive industries 76.6 79.8 77.9 78.6 78.7 79.2 79.7 79.8 80.1 80.2 80.7 80.9 81.0 81.3 81.7 Service industries 46.4 49.5 47.8 48.3 48.5 48.7 49.1 49.4 49.8 50.0 50.2 50.4 50.6 50.8 51.0 Government 55.6 59.3 57.6 57.8 58.0 58.3 58.6 58.9 59.2 59.5 59.8 61.0 61.3 61.6 62.2 Other labor income. 12.1 12.6 12.3 12.5 12.5 12.5 12.6 12.6 12.7 12.7 12.7 12.8 12.8 12.8 12.8 Proprietors' income 49.8 50.5 50.7 50.7 50.5 50.1 50.0 50.0 50.4 50.6 50.6 50.9 50.8 50.9 50.7 Business and professional. 36.5 31.1 37.1 37.2 37.2 37.3 37.4 37.6 37.7 37.9 37.9 38.2 38.2 38.4 38.4 Farm 13.3 12.8 13.6 13.5 13.3 12.8 12.6 12.4 12.7 12.7 12.7 12.7 12.6 12.5 12.3 Rental income 12.0 12.1 12.0 12.0 12.0 12.0 12.0 12.0 12.1 12. 12.1 12.2 12.2 12.2 12.2 Dividends 16.6 17.8 17.0 17.2 17.2 17.3 17.3 18.2 17.5 17.6 17.8 18.2 18.5 19.8 19.0 Personal interest income. 30.0 32.5 31.5 31.7 31.8 31.9 32.1 32.3 32.6 32.8 33.0 33.2 33.5 33.8 34.1 Transfer payments 34.8 36.9 139.1 35.7 36.2 36.4 36.6 36.4 36.5 36.7 36.8 37.3 37.6 37.7 240.2 Less: Personal contributions for social insurance 10.2 11.8 11.4 11.5 11.5 11.6 11.7 11.8 11.8 11.9 11.9 12.0 12.0 12.1 12.3 Nonagricultural income. 424.5 445.7 1435.9 434.9 437.0 440.5 443.1 445.8 447.0 448.0 450.3 454.1 455.7 459.2 2462.1 Agricultural income 17.6 17.3 18.1 18.0 17.8 17.3 17.1 16.9 17.2 17.1 17.0 17.0 16.9 16.8 16.7 1 Includes stepped-up rate of Govt. life insurance dividend payments NOTE.—Dept. of Commerce estimates. Monthly data are seasonally to veterans and a special dividend to ail W.W. II veterans holding NSLI adjusted totals at annual rates. See also NOTE to table at top of previous policies; disbursements amounted to $3.6 billion. page. 2 Includes stepped-up rate of Govt. life insurance dividend payments to veterans in the amount of $2.1 billion. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

394 FLOW OF FUNDS/SAVING MARCH 1964 SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1961 1962 1963 Transaction category, or sector 1958 1959 1960 1961 1962 III IV II III IV II III I. Saving and investment Gross national saving 94.5 115.6 119.5 116.1 130.2 119.1 125.7 124.2 131.7 131.9 132.8 131.6 139.5 142.2 Consumer and nonprofit 68.9 74.5 73.4 80.0 86.6 82.7 85.3 85.2 87.1 86.5 87.7 87.0 91.2 91.0 Farm and noncorp, business 11.9 13.4 12.9 12.5 13.1 12.4 12.4 12.9 13.1 13.2 13.3 13.2 13.3 13.5 Corporate nonfin. business 25.2 35.2 29.7 32.1 36.6 32.3 37.3 36.2 36.7 35.1 38.6 37.2 39.5 41.7 U.S. Government -7. -4.5 4.3 -5.5 -4.7 -5.3 -5.7 -7.0 -4.4 -2.0 -5.7 -4.4 -5.9 -3.7 State and local govt -5.2 -3.5 -3.0 -4.7 -3.8 -4.7 -5.2 -4.5 -3.3 -3.4 -4.0 -3.5 -2.6 -3.5 Financial sectors 1.5 1.5 2.2 1.7 2.3 1.6 1.6 1.4 2.5 2.6 2.8 2.1 4.0 3.2 H Gross national investment.. . 94.3 114.6 117.4 114.5 127.2 117.6 125.2 126.6 128.9 126.0 127.3 129.4 135.1 134.6 H I Consumer durable goods. 37.3 43.6 44.9 43.6 48.2 43.9 46.4 47.3 47.5 47.7 50.5 50.2 51.0 50.8 I J Business inventories -2.0 6.6 3.5 1.8 4.9 3.4 7.0 7.7 5.9 2.8 3.3 4.3 4.3 4.2 J K Gross pvt. fixed investment. 58.6 66.2 68.3 67.1 73.2 68.5 70.4 69.3 73.2 75.4 75.0 72.0 76.4 79.5 K L Consumer and nonprofit. 18.1 22. 21.6 20.1 21.3 19.3 21.5 21.7 19.9 21.2 22.3 20.6 19.6 21.7 L M Nonfin. business 39.9 43.4 46.0 46.4 51.3 48.5 48.2 46.8 52.6 53.5 52.1 50.6 56.2 57.2 M N Financial sectors .6 .7 .6 .7 .7 .7 .7 .7 .6 .6 N O Net financial investment. .4 -1.7 .7 2.0 1.8 1.4 2.4 2.3 -1.5 3.0 3.4 O P Discrepancy (A—H) .2 2.0 2.2 1.5 3.0 1.5 .6 -2.4 2.8 5.9 5.5 2.1 4.4 7.6 P II. Financial flows—Summary A Net funds raised—Nonfin. sectors.. 42.9 53.2 36.2 47.2 58.1 58.3 53.8 61.8 63.0 40.1 67.7 60.9 67.4 49.0 A B Loans and short-term securities. .. 3.5 19.7 8.0 19.5 17.6 11.7 25.9 29.7 19.9 -1.9 22.7 3.1 27.2 .1 B C Long-term securities and mtgs 39.5 33.4 28.3 27.7 40.5 46.5 28.0 32. 43.1 42.0 45.0 57.8 40.2 48.9 C By sector D U.S. Government 8.6 8.7 -2.1 7.5 7.6 14.6 5.7 16.1 8.4 -5.6 11.4 12.1 9.1 -6.8 D E Short-term securities -1.2 5.5 -5.1 11.3 2.4 .9 11.3 17.8 2.0 -12.4 2.4 -10.4 10.3 -12.4 E F Other securities 9.5 3.8 2.5 -4.1 4.9 14.2 -6.6 -2.4 6.6 8.3 7.3 12.9 -.2 7.2 F G Foreign borrowers 2.3 .8 2.0 2.8 2.3 3.5 4.3 3.7 2.0 .2 3.3 3.3 5.0 2.0 G H Loans 1.1 .2 1.4 1.9 1.3 2.7 3.2 3.1 .8 -.5 1.5 1.2 3.5 1.2 H I Securities 1.3 .7 .7 .8 1.0 .8 1.1 .6 1.1 .7 1.8 2.0 1.5 .8 I J Pvt. domestic nonfin. sectors 32.0 43.6 36.3 36.9 48.2 40.1 43.8 41.9 52.6 45.5 53.0 45.5 53.3 53.9 J K Loans 3.3 14.7 11.2 5.9 13.7 8.6 10.4 8.1 17.2 12.5 17.1 11.7 14.5 12.9 K L Consumer credit .2 6.4 4.5 1.7 5.8 1.6 4.9 4.3 7.0 4.3 7.6 6.7 6.6 6.7 L M Bank loans n.e.c 1.8 5.6 2.8 1.9 4.5 2.1 4.0 2.2 6.3 3.5 5.8 4.4 4.0 3.4 M N Other loans 1.3 2.7 3.9 2.4 3.5 4.9 1.5 1.6 4.0 4.7 3.7 .6 3.9 2.8 N O Securities and mortgages 28.7 29.0 25.2 31.0 34.5 31.6 33.4 33.8 35.4 33.1 35.9 33.8 38.9 41.0 O P State and local obligations.... 5.5 4.7 3.7 5.0 5.7 5.9 6.3 6.4 5.9 3.6 4.3 4.0 9.3 6.0 P § 1 C - o t r o p o 4 r - a fa te m s il e y c u m r o it r i t e g s ages 1 8 0 . . 0 1 1 5 3 . . 3 2 1 5 0 . . 3 4 11 7 . . 7 3 1 4 5 . . 8 4 1 6 1 . . 4 9 1 5 3 . . 5 5 1 6 3 . . 0 2 1 4 5 . . 9 5 1 4 6 . . 0 3 1 4 6 . . 1 5 1 5 5 . . 8 5 1 1 7 . . 6 2 1 3 9 . . 8 7 Q R s Other mortgages 5.2 5.8 5.8 6.9 9.4 7.3 8.0 8.3 9.1 9. 10.9 8.6 10.7 11.5 S T Net sources of credit (=A) 42.9 53.2 36.2 47.2 58.1 58.3 53.8 61.8 63.0 40.1 67.7 60.9 67.4 49.0 T U Chg. in U.S. Govt. cash balance. .1 .7 .9 .3 1.0 4.8 .2 4.9 3.9 -6.5 1.5 6.8 2.5 -9.4 U V U.S. Govt. lending 1.7 3.8 2.4 2.8 3.5 4.9 4.5 4.0 4.5 1.9 3.6 1.2 1.2 3.6 V w Foreign funds 3.1 3.6 3.3 2.2 2.5 2.2 4.0 2.7 2.8 1.9 2.7 1.7 5.3 2.0 W X Pvt. insur. and pension reserves. 7.8 8.8 8.1 8.7 9.0 8.7 9.4 8.6 9.3 9.0 9.4 8.5 9.2 10.7 X Y Sources n.e.c 5.0 5.7 6.3 5. 5.6 11.0 4.4 3.3 4.3 8.4 6.3 9.1 6.0 9.6 Y Z Pvt. domestic nonfin. sectors 25.3 30.5 15.3 28.2 36.5 26.6 31.3 38.4 38.2 25.4 44.1 33.6 43.1 32.7 Z AA Deposits and U.S. Govt. secur... 17.7 23.8 8.3 23.5 32.2 21.6 28.3 31.6 33.4 24.9 39.1 32.7 42.1 32.3 AA AB Deposits 20.6 11.0 14.0 24.6 29.8 23.4 25.5 27.7 27.7 26. 37.9 30.5 30.8 29.5 AB AC Demand dep. and currency. 4.9 .5 -1.0 4.5 1.6 4.4 8.3 -7.7 2.9 2.3 8.9 -4.1 7.3 4.5 AC AD Time and svgs. accounts.... 15.7 10.5 15.0 20.0 28.3 19.0 17.1 35.4 24.8 23.9 29.0 34.5 23.6 25.0 AD AE At commercial banks 7.0 2.1 5.4 8.7 15.1 8.0 4.9 22.7 13.4 10.6 13.7 17.1 9.4 11.7 AE AF At savings ins tit 8.7 8.4 9.6 11.4 13.2 11.0 12. 12.7 11.5 13.3 15.3 17.4 14.2 13.4 AF AG U.S. Govt. securities -2.9 12.9 -5.7 -1.1 2.4 -1.8 2.9 3.9 5.7 -1.3 1.3 2.2 11.3 2.8 AG AH Other securities and mtgs.. . 8.5 6.8 6.8 6.0 4.1 5.7 4.8 6.7 .2 3.3 6.2 2.5 3.2 3.5 AH AI Less security debt .9 .2 1.3 -.2 .6 1.8 -.1 -4.5 2.8 1.2 1.6 2.2 3.2 AI III. Financial institutions A Net funds advanced—Total.... 37.5 30.6 34.6 44.4 51.4 51.7 48.5 52.5 48.3 43.0 61.9 54.3 60.4 53.9 A B U.S. Govt. securities 11.3 -7.2 2.9 8.4 3.9 15.9 1.3 10.6 1.0 -3.9 7.8 6.6 -1.9 -7.0 B C Other securities and mtgs... 22.9 23.2 20.7 27.4 34.0 27.8 31.4 30.9 39.3 32.1 33.8 36.0 42.9 42.3 C D Loans 3.3 14.6 11.1 8.5 13.5 8.0 15.8 11.0 8.0 14.8 20.4 11.8 19.5 18.7 D By sector F Banking system 17.4 5.0 9.9 17.5 20.4 22.5 17.3 25.1 19.5 9.3 27.7 26.0 22.9 13.2 F G Savings institutions 9.3 10.6 9.3 12.0 14.5 11.9 13.5 13.6 13.3 15.7 15.4 17.1 16.7 18.5 G H Insurance and pension funds 9.0 10.1 10. 10.7 11.5 10.8 11.8 10.7 11.7 11.3 12.5 11.3 11.8 13.6 H I Finance n.e.c 1.8 4.9 5. 4.2 5.0 6 5.9 3.2 3.8 6.7 6.2 -.1 9.0 8.7 I J Net sources of funds—Total 37.5 30.6 34.6 44.4 51.4 51.7 48.5 52.5 48 43.0 61.9 54.3 60.4 53.9 K Gross saving 1.5 1.5 2. 1.7 2.3 1.6 1.6 1.4 2 2.6 2.8 2.1 4.0 3.2 L Deposit claims 22.5 10.9 15.6 26.8 32. 29.6 28.9 35.0 31 18.8 43.4 37.1 35.4 22.4 M Demand deposits and currency. 5.6 1.4 5.9 3.5 9.4 10. -.4 6 -4. 12.8 1. 10.7 -3.3 N Time dep. at compl. banks 8.0 1.1 9.4 15.3 9. 5. 22.7 13 10. 15.0 18.4 10.5 12.4 O Other savings accounts 8.9 8.4 9.5 11.5 13.3 11.0 12. 12.7 11 13.3 15.7 17.4 14.2 13.4 P Life insurance reserves 3.3 3.6 3.4 3.7 4.1 3.9 3. 4.1 3.6 4.4 4. 4.0 3.5 4.4 Q Pension fund reserves 4.4 5. 4.7 4.9 5.0 4.8 5. 4.5 5. 4.6 5. 4.5 5. 6.2 R Credit market instruments 6. 3.4 3.3 5.6 5.5 5.5 4.9 7. 6.1 4.4 1.6 8.3 9.7 S Investment co. shares 1.6 1.8 1.5 2.0 1.9 2.1 2.7 3 2. 1.3 .8 .8 1.0 1.8 T Corporate bonds 1.1 1 .8 .1 1.1 1.4 2.0 1.8 U Loans -1 3.1 .6 2.8 3.2 2.0 3.9 4.2 2.1 5. 6.1 V Security credit. .6 * .9 .9 -1. 2. -2.0 1.6 2.7 -1.4 3.1 2.5 W Other sources, net 4.7 3.1 4.9 3.0 1.3 7.4 1.0 * 5.0 6.4 5.4 NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see Jan. 1964 BULL., p. 110. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1964 FLOW OF FUNDS/SAVING 395 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1961 1962 1963 Transaction category, 1958 1959 1960 1961 1962 or sector in rv I II m IV I II III I. Demand deposits and currency A Net incr. in banking system liability. 5.6 1.4 59 3.5 9.4 10.7 6.3 -47 12.8 1 2 10 7 3 3 A B U.S. Govt. deposits .1 < 1.1 4A 4.9 3.9 6.5 1.5 6 8 2 5 -9.4 B C D E Ne O U t t . i h S n e c . r r G ea o s v e t in assets, by sector... 6 5 . 2 1 5 * — . 9 6 4 5 .9 ' 5 2 1 . . . 0 5 1 1 4 7 1 . . 6 1 4 1 6 1 0 . . 4 5 3 — 2 5 5 . . 1 3 3 2 5 3 . 2 3 6 6 1 .7 3 1 1 7 1 1 . . 6 3 7 5 6 6 .0 8 6 1 8 3 0 . . 4 6 3 -1 - 1 6 . . 9 . 2 1 D E C F Other domestic sectors 6.1 4.8 3.8 4.9 7.0 -4.6 2.0 2.1 15.7 6.4 9.5 F H G N Co o n n s fi u n m an e c r ia a l n d b u n s o in n e p s r s ofit 22..15 -2 \ . '. : 2 — .6 1 i. . : 6 5.1 3.8 — 5 2 . . 7 9 -5 3 . . 7 0 -4 5 . 7 5 1.0 1 2 3 . . 1 1 7 7 6 3 7 1 6 9 1 - 0 .6 6 H G I State and local govt • -1.6 2.8 -2.8 1.4 2.7 -1.6 1 i 13 I J Financial sectors 1.' 1 5 1 i 2 1 ' - K Rest of the world j * • — 1.3 1 4 . 9 .8 .9 K L Discrepancy—U.S. Govt. cash.... • t a -2.6 1.5 .3 -.1 — 9 1.8 L M Other. . 9 1.0 1*4 1 0 2 8 2 1 1.0 -4.3 M II. Time and savings accounts A Net increase—Total 16.9 9.5 15.3 20.9 28.6 20.2 18.2 35.4 25.0 23.5 30.6 35.9 24.7 25.7 A B At commercial banks—Total 8.0 9 1.] 5. . 8 8 9 1 . . 4 3 1 2 5 . . 6 3 9. . 2 8 — 5 2 . . 5 4 2 4 2 .7 8 1 2 3 . . 6 3 10.2 1 2 5 .0 3 1 4 8 .4 6 10.5 1 3 2 .4 2 B C D State and local govt.. j i 1.' < l.( l.( A 2.0 1.0 2 9 c c .6 1.] * q 1 3 1.4 1.0 .7 E F Consumer and nonprofit orgs... 5.3 3.0 3.3 6.5 11.5 6.2 6.6 15.9 10.1 9.6 10.5 9.6 6.7 7.5 F G At savings institutions 8.9 8.4 9.5 11.5 13.3 11.0 12.7 12.7 11.7 13.3 15.7 17.4 14.2 13.4 G H Memo—Consumer and nonprofit orgs.—Total 14.0 11.3 12.8 17.8 24.7 17.2 18.8 28.6 21.6 22.9 25.7 27.0 20.9 20.9 H m. U.S. Govt. securities 8.2 9.3 -2.6 7.3 7.4 15 0 4 7 15 4 8 6 4 1 9 7 11.5 10.1 -5.3 A C B S O h th o e rt r -term direct — 9 1 .5 .2 5 3 .8 5 -5 2 . . 1 5 - 1 4 1 .1 .3 2 4. . 9 4 14.2 9 - 1 6 1 .6 .3 - 1 2 7 .4 .8 2 6. . 6 0 -12 8 . . 4 3 2 7. . 3 4 -1 2 0 1 . . 4 9 10.: -12 7 . . 4 2 B C D Net acquisitions, by sector 8.5 8.7 -2.3 7.8 7.6 15.1 5.0 15.2 9.3 —3.9 9.8 9.7 12.3 -5.1 D E Pvt. domestic nonfin. sectors - - 2 2 . . 9 5 1 7 2 . . 3 9 - - 3 5 . . 3 7 - — 1.1 9 2.4 -1 2 . . 8 6 2 3 . . 9 2 3 1 . 9 9 5 3 . 7 9 -1.3 1 1.3 9 2.2 1 6 1 . . 4 3 2 3 . . 8 0 E F G Svgs. bonds and postal svgs. dtp.. -2.0 .9 2 * H Securities -1.7 9.2 -2.5 -1.6 1.9 2.4 -2.0 3.5 __ t \l — .9 5.2 2.0 H I Corp. nonfin. business * 3.8 -2.] — .^ 1.9 -2.1 2.1 -1.8 I K L J Fin S B a t a n a n t c e k i a in a l n g s d e s c y l t o s o t c e r a s m l govt 1 1 - 0 1 .4 .3 4 - -7 7 1 .9 2 8 2 2^ .7 9 7 8 . . 4 4 2 3 1 . . . 2 9 4 1 1 5 2 . . 9 2 1. . 3 1 1 9 3 0 . . 6 6 9 1 1 . 0 4 - -6 3 . . 4 9 7 5 .1 8 9 6 .1 6 -2 2 1 . 2 8 9 - -8 7 1 . . 7 0 6 K L J M Monetary authorities 2.2 1.5 2.C 1.1 2.8 5.4 2.5 5.2 1.9 1.3 M N Commercial banks 8.2 -8.2 2.0 5.9 11.1 -2.7 4.2 .4 -6.\ 2.6 3.9 -4.1 -10.0 N O Savings institutions A — .4 * ,4 1.0 .8 4 A 1.2 .6 O P Insurance and pension funds • — j ^ 4 — .A6 . .j 4 3.5 .6 c — i e 1 2 1 6 2 1 5 3 — A .3 7 Q P .1 3.0 1.3 1 i 8 2 6 3.0 -.9 R IV. Other securities A Total net issues, by sector 14 9 11 8 11.1 13.6 11 7 13.3 13.2 13.3 13.0 8 8 11.6 12.1 14.4 12.4 A B State and local govt 5 5 4 7 3.7 5 0 5 1 5.9 63 6.4 5.9 3.6 4.3 4.0 9.3 6.0 B C Nonfinancial corporations 8.0 5.3 5 3 7.3 4.8 6.4 5.5 6.0 4.9 4.0 4.1 5.8 1.6 3.8 C .2 1.1 1.5 .8 .1 .2 3 1 i 1 4 2 2.0 1.8 D E Rest of the world 1.3 .7 .7 .8 1.0 .8 1.1 .6 1 1 7 1 8 2 0 1 5 8 E 14 9 11 8 11.1 13.6 11.7 13.3 13.2 13.3 13.0 8 8 11.6 12.1 14.4 12.4 F G Consumers and nonprofit orgs 3 4 2 7 2.0 -.8 1.2 1.3 2.4 -3.4 -2 0 -.2 -2.2 -1.6 -1.8 G H State and local govt 2.1 1.3 2.2 1.9 1.4 1.8 1.5 .9 1.3 1.5 1.7 1.9 2.0 1.4 H I Corp. business 2. . 5 5 . . 7 4 -.2 .4 2.7 4.4 3^3 3^3 - 5 .2 .0 - 5 .1 .7 3. . 3 2 3. . 5 2 - 5 .2 .8 - 6 .1 .3 5. . 7 1 J I K Insurance and pension funds 6.5 7.0 7 0 7.7 7.4 8.4 8.1 6.5 8.5 6.8 7.9 8.1 8.2 7.9 K L Finance n.e.c -.8 -.4 — .6 — .8 -.4 -1.7 — .9 — .3 1 5 — 1 5 — 1 3 — 9 g 9 L M Security brokers and dealers.... -.4 .2 -.1 -.2 .3 -1.0 .1 .9 1.3 * -.8 -.6 1.0 -.3 M N Investment cos.—Net -.4 -.7 -.5 -.6 -.8 -.7 -.9 -1.3 .2 -1.5 -.4 -.3 -.2 -.6 N 1.1 1.2 1.0 1.4 1.1 1.4 1.7 1.9 2.4 -.2 .4 .6 .8 1.2 O P Net issues 1.6 1.8 1.5 2.0 1.9 2.1 2.7 3.2 2.2 1.3 .8 .8 1.0 1.8 P Q Rest of the world .4 .3 .4 -.1 .3 .4 — 6 _ i 3 1 * Q * V. Mortgages 15 3 19 0 16 2 18.7 24.7 19.3 21.6 21.4 24.6 25.5 27.4 24.1 27.9 31.1 A B 1- to 4-family 10 1 13 2 10 4 11.7 15.4 11.9 13.5 13.2 15.5 16.3 16.5 15.5 17.2 19.7 B C Other 5.2 5.8 5.8 6.9 9.4 7.3 8.0 8.3 9.1 9.2 10.9 8.6 10.7 11.5 C D Net acquisitions 15.3 19.0 16 2 18 7 24.7 19.3 21.6 21.4 24.6 25.5 27.4 24.1 27.9 31.1 D E F C U o .S n . s u G m o e v r t and nonprofit orgs 2.4 2 2 0 2 2 1 4 2 1. . 6 6 3. . 3 3 2. . 0 8 1 1 . . 4 2 3 1. . 2 1 2 .3 0 - 3 .1 .5 - 4 .1 .4 -1 2 . . 3 9 -2 2 . . 0 8 - 3 .5 .7 F E G Commercial banks 2 5 .7 1.6 4.0 1.8 2.2 2.4 4.7 4.6 4.3 3.8 6.1 6.1 G H Savings institutions 78 9 5 8 8 11.0 13.3 11.0 12.1 12.3 13.4 13.4 14.2 15.4 15.8 16.5 H I Insurance sector 2.0 2.4 2.8 2.7 3.0 2.2 3.0 2.2 2.4 3.0 4.5 3.2 3.5 4.0 I J Mortgage companies .5 .2 .6 .4 .8 1.1 -.3 1.3 1.5 1.2 J VI. Bank loans n.e.c. A Total net borrowing 1.2 7 5 2.7 2.7 6.0 5.0 5.7 3.9 8.2 4.3 7.6 3.6 7.6 6.6 A 1.4 5 3 2.7 1.6 4 0 1.9 3.3 1.9 6.1 2.9 5.0 4.0 3.9 3.2 B C Corporate .4 3 7 2.6 1.6 2.6 .4 3.1 1.3 1.7 3.0 4.5 2.1 3.0 1.0 C 1.0 -.1 -.3 .7 1.2 -.2 3.9 -.9 -.3 1.4 .2 1.2 D E Farm '.6 .7 .2 .3 .7 .3 .3 .6 .8 .9 .5 .7 1.0 E F Rest of the world .5 .2 .1 .7 .4 1.3 2*.l * -.4 -.1 .7 .6 F G Financial sectors -1.1 -.3 .1 1.1 2*.7 .5 -.2 1.7 .7 2.1 -.5 2.8 2.7 G NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see Jan. 1964 BULL., p. 110. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

396 BANK RESERVES AND RELATED ITEMS, 1963 MARCH 1964 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City City of Chicago Period Reserves Bor- :Reserves Bor- :Reserves Bor- T h o e t ld al qu R i e re - d Excess B r i F o n a a . w n g t R k s - . s s F e r r r e v e - e e s T h o e t l a d l qu R i e re - d Excess B r F i a o n a . n w g R t k s - . s s F e r r r e v e - e e s T h o e t l a d l qu R i e re - d Excess B r F i o a n . a w n R g t k - s . s s F e r r r e v e - e e s Jan 20,032 19,558 474 99 375 3,858 3,840 18 5 13 1,038 1,037 1 7 -6 Feb 19,582 19,109 473 172 301 3,721 3,704 17 42 -25 1,016 1,012 4 15 -11 Mar , 19,515 19,091 424 155 269 3,753 3,734 19 27 -8 1,009 1,008 1 38 -37 Apr 19,572 19,138 434 121 313 3,727 3,716 11 12 -1 1,003 998 5 14 —9 May 19,679 19,223 456 209 247 3,770 3,735 35 34 1 1,025 1,025 8 -8 June 19,729 19,355 374 236 138 3,722 3,742 -20 39 -59 1,028 1,032 -4 3 -7 July 20 020 19,537 483 322 161 3,795 3,740 55 40 15 1,038 1,026 12 24 -12 Aug 19,719 19,256 463 330 133 3,630 3,620 10 90 -80 1,009 1,007 2 29 -27 Sept 19,945 19,533 412 321 91 3,748 3,721 27 82 -55 1,029 1,030 -1 40 -41 Oct 20,003 19,596 407 313 94 3,695 3,693 2 101 -99 1,036 1,028 8 19 -11 Nov 20,114 19,705 409 376 33 3,683 3,668 15 89 -74 1,035 1,031 4 40 -36 Dec 20,746 20,210 536 327 209 3,951 3,895 56 37 19 1,056 1,051 5 26 -21 Week ending— 1962—Dec 26 20,325 19,764 561 307 254 3,971 3,922 49 126 -77 1,074 1,065 9 4 5 1963—Jan 2... . 21,079 20,045 1,034 714 320 4,180 4,030 149 299 -150 1,102 1,092 10 65 -55 9 20,296 19,858 438 63 375 3,973 3,934 39 39 1,063 1,056 7 2 C5 16 .. 20,100 19,579 521 79 442 3,816 3,818 _2 6 -8 1,028 1,029 j 12 c-13 23 19,915 19,429 486 170 316 3,811 3,793 18 13 5 1,030 1,025 6 9 -3 30 19,611 19,180 431 99 332 3,757 3,746 11 1 no 1,019 1,017 2 7 -5 Feb 6 19,684 19,227 457 223 234 3,785 3,777 8 54 -46 1,030 1,024 6 15 -9 13. . 19,624 19,121 503 165 338 3,707 3,683 24 14 10 1,011 1,008 3 44 -41 20 19,512 19,087 425 157 268 3,699 3,682 17 51 -34 1,011 1,006 5 1 4 27 19,477 19,010 467 129 338 3,691 3,682 10 34 -24 1,004 1,009 -5 c Mar 6 19,517 19,121 396 142 254 3,746 3,740 6 36 -30 1,032 1,022 9 9 13 19,422 18,933 489 137 352 3,696 3,667 29 20 9 990 994 -4 26 -30 20... . r19,502 r19,132 r37O 57 r313 3,775 3,773 2 6 -4 1,023 1,011 12 11 27 19,598 19,135 463 241 222 3,752 3,730 21 40 -19 1,016 1,012 4 113 -109 Apr. 3 19,608 19,154 454 174 280 3,787 3,767 20 31 -11 1,003 994 8 29 c_21 10 19,371 18,997 374 87 287 3,668 3,669 -1 7 -8 982 981 1 6 -5 17 19,690 19,157 533 157 376 3,736 3,701 36 24 12 995 994 1 36 -35 24 19,729 19,216 513 157 356 3,719 3,715 5 18 c-14 1,006 1,003 4 15 e-12 19,644 19,244 400 94 306 3,848 3,799 49 49 1,020 1,023 -3 3 -6 8. .. . 19,715 19,354 361 110 251 3,839 3,822 17 17 1,032 1,027 5 26 -21 15 19,660 19,201 459 199 260 3,702 3,711 -9 53 -62 1,021 1,019 3 5 -3 22. .. 19,683 19,230 453 281 172 3,753 3,729 24 81 -57 1,035 1,031 4 2 2 29 19,599 19,122 All 266 211 3,737 3,683 54 15 39 1,027 1,024 3 2 1 June 5 . 19,438 19,098 340 216 124 3,672 3,662 10 11 1,028 1,025 2 3 _ j 12 19,428 19,009 419 248 171 3,632 3,621 12 18 -6 1,012 1,009 3 2 1 19. .. 19,796 19,298 498 284 214 3,749 3,743 5 63 -58 1,016 1,021 5 3 -8 26 20,052 19,673 379 234 145 3,848 3,828 20 73 -53 1,058 1,051 7 5 2 July 3. . 20,242 19,810 432 329 103 3,891 3,886 5 60 -55 1,055 1,056 — 1 25 -26 10 20,093 19,630 463 323 140 3,797 3,758 39 36 3 1,036 1,029 7 8 -1 17 20,172 19,577 595 400 195 3,719 3,706 13 81 -68 1,034 1,030 4 5 -1 24 . 19 928 19 457 471 312 159 3,797 3,720 77 77 1,025 1,013 11 66 -55 31 19,648 19,351 297 143 154 3,726 3,711 15 15 1,023 1,021 2 5 -3 Aug. 7 19,913 19,431 482 398 84 3,722 3,720 2 82 -80 1,021 1,024 -2 73 -75 14. .. 19,709 19,236 473 352 121 3,611 3,599 12 106 -94 1,002 997 5 45 -40 21 . 19,654 19,252 402 294 108 3,613 3,605 8 89 -81 1,012 1,009 3 12 -9 28. . 19,554 19,146 408 274 134 3,569 3,570 -1 81 -82 1,003 1,001 2 2 Sent 4.. 19 684 19,204 480 325 155 3,645 3,601 44 81 -37 1,014 1,010 5 5 n::::: 19,814 19,313 501 354 147 3,615 3,605 10 135 -125 1,001 1,001 37 c-37 18 19,900 19,552 348 193 155 3,710 3,713 -2 41 -43 1,033 1,028 5 27 -22 25. .. 20,200 19,740 460 388 72 3,847 3,817 30 83 -53 1,046 1,051 -5 45 -50 Oct 2 . 20,177 19,825 352 343 9 3,891 3,877 15 83 c-69 1.065 1,060 5 72 -67 9 20,192 19,757 435 392 43 3,775 3,767 8 100 -92 1,044 1,043 1 51 -50 16 19,989 19,603 386 309 77 3,678 3,661 17 130 -113 1,033 1,025 8 18 -10 23 19,942 19,513 429 361 68 3,643 3,639 4 127 -123 1,034 1,028 6 4 2 30 19,755 19,407 348 199 149 3,650 3,632 18 34 -16 1,009 1,007 2 4 -2 Nov. 6 20,166 19,737 429 404 25 3,760 3,752 9 182 -173 ,038 1,036 46 — 44 13 20,065 r19,634 r431 300 r131 3,669 3,616 54 100 -46 ,031 1,021 10 22 '-12 20 20,250 19,744 506 431 75 3,652 3,650 1 76 -75 ,049 1,035 15 73 -58 27 20,035 19,700 335 200 135 3,671 3,650 20 5 16 ,034 1,035 -1 4 -4 Dec. 4 20,320 19,734 586 507 79 3,741 3,707 34 59 -25 :,032 1,027 6 43 -37 11 19,994 19,804 190 115 75 3,747 3,745 3 13 -1C 1,009 1,012 2 -6 2 1 5 8 r2 2 1 0 , , 0 6 0 8 J 0 r2 2 0 0 , , 5 1 2 8 7 8 r4 4 7 9 4 2 2 3 7 1 2 7 r1 2 5 2 7 0 4 3 , , 0 91 4 3 6 4 3 , , 0 90 0 6 4 42 8 5 1 3 1 -11 :1,0 0 5 8 3 0 1 1 , , 0 0 4 8 4 0 9 2 2 4 4 - - 1 2 5 4 For NOTE see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1964 BANK RESERVES AND RELATED ITEMS, 1963 397 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Country banks Period Reserves Borrow- Reserves Borrowings at Free ings at Free T h o e t l a d l Required Excess B F a . n R k . s reserves T h o e t l a d l Required Excess B F a . n R k . s reserves Jan ,115 8,107 60 -52 7,021 6,574 447 27 420 Feb ,945 7,919 26 80 -54 6,900 6,474 426 35 391 Mar ,934 7,917 17 50 -33 6,819 6,432 387 40 347 Apr ,992 7,965 27 54 -27 6,850 6,459 391 41 350 May ,016 7,963 53 117 -64 6,868 6,500 368 50 318 June ,036 8,018 18 129 -111 6,942 6,563 379 65 314 July ,151 8,099 52 201 -149 7,037 6,672 365 57 308 Aug ,061 8,018 43 118 -75 7,019 6,611 408 93 315 Sept ,118 8,096 22 130 -108 7,050 6,686 364 69 295 Oct ,155 8,117 38 131 -93 7,118 6,758 360 62 298 Nov ,197 8,164 33 171 -138 7,199 6,842 357 76 281 .393 8,325 68 190 -122 7,347 6,939 408 74 334 Dec Week ending— 8,275 8,225 116 -64 7,004 6,552 452 61 391 1962—Dec. 26... 8,455 8,318 137 315 -178 7,342 6,605 737 35 702 1963—Jan. 2 8,301 8,248 53 34 19 6,958 6,620 338 27 311 9 8,151 8,131 20 48 -28 7,105 6,601 504 13 C491 16 8,077 8,036 41 115 -74 6,997 6,576 421 33 388 23 7,972 7,938 34 53 -19 6,862 6,479 383 38 345 30 Feb. 6 7,982 7,960 22 90 -68 6,887 6,467 420 64 356 13 7,950 7,927 23 80 -57 6,956 6,503 453 27 426 20 7,944 7,923 21 75 -54 6,858 6,476 382 30 352 27 7,895 7,869 26 70 -44 6,887 6,451 436 25 411 Mar. 6 7,940 7,910 31 70 -39 6,800 6,449 350 36 314 13 7,897 7,854 42 50 o 6,840 6,417 423 41 382 20 '7,935 '7,918 '17 20 '-3 6,769 6,430 338 30 308 27 7,969 7,951 18 50 -32 6,861 6,441 420 39 381 Apr. 3 8,007 7,969 38 49 -11 6,810 6,423 387 65 322 10 7,947 7,921 26 47 -21 6,774 6,427 347 27 320 17 8,045 7,993 51 37 14 6,914 6,469 445 60 385 24 8,012 7,992 20 101 -81 6,991 6,506 485 23 462 May 1 7,987 7,966 21 49 -28 6,789 6,457 333 42 291 8 8,053 8,025 27 58 c-31 6,792 6,480 312 26 C286 15 7,994 7,954 40 89 -49 6,943 6,517 426 52 374 22 7,986 7,957 29 161 -132 6,910 6,513 397 37 360 29 8,012 7,928 84 172 6,823 6,487 336 77 259 June 5 7,937 7,913 24 128 -104 6,801 6,497 304 74 230 12 7,893 7,869 24 150 -126 6,891 6,511 380 78 302 19 8,014 7,986 28 159 -131 7,018 6,548 470 59 411 26 8,194 8,163 31 81 -50 6,952 6,631 321 75 246 July 3 8,238 8,205 33 193 -160 7,059 6,664 395 51 344 10 8,199 8,146 53 220 -167 7,061 6,697 364 59 305 17 8,168 8,136 32 266 -234 7,251 6,705 546 48 C498 24 8,128 8,050 77 190 -113 6,979 6,674 305 56 C249 31 8;037 8,013 25 84 -59 6,861 6,607 254 54 200 Aug. 7 8,100 8,069 31 140 -109 7,069 6,619 451 103 348 14 8,043 8,014 29 117 — 88 7,053 6,626 427 84 343 21 8,043 8,016 27 111 -84 6,986 6,622 365 82 283 28 8,011 7,980 31 97 -66 6,971 6,594 376 96 280 Sept. 4 8,082 8,006 76 135 -59 6,943 6,587 356 109 247 11 8,092 8,047 45 112 -67 7,106 6,660 446 70 376 18 8,118 8,111 7 74 -67 7,039 6,701 338 51 287 25 8,168 8,135 34 203 -169 7,139 6,737 402 57 345 Oct. 2 8,191 8,170 21 111 -90 7,030 6,719 311 77 234 9 8,221 8,185 36 185 -149 7,152 6,762 390 56 334 16 8,173 8,135 38 119 -81 7,105 6,782 323 42 281 23 8,105 8,083 21 182 -161 7,160 6,762 398 48 350 30 8,064 8,038 25 66 -41 7,032 6,729 303 95 208 Nov. 6 8,184 8,168 17 111 -94 7,184 6,782 402 65 337 13 8,194 8,156 39 111 -72 7,170 6,845 325 67 258 20 8,180 8,177 4 222 -218 7.369 6.882 487 60 427 27 8,199 8,162 37 101 -64 7; 131 6.; 853 278 90 188 Dec. 4 8,198 8,154 44 304 -260 7,349 6,846 502 101 401 11 8,204 8,167 37 24 13 7,033 6,880 153 75 78 18 8,362 8,313 49 166 -117 7,351 6,925 426 71 355 25 '8,488 '8,463 r24 161 -137 7,388 6,979 c408 79 330 NOTE.—Averages of daily figures. Required reserves: Based on deposits as of opening of business each Total reserves held: Based on closing figures for balances with F.R. day. Banks and opening figures for allowable cash. Borrowings at F.R. Banks: Based on closing figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * Reported gold reserves of central banks and governments . 400 Gold production 401 Net gold purchases and gold stock of the United States 402 Estimated foreign gold reserves and dollar holdings 403 International capital transactions of the United States 404 U.S. balance of payments 413 Foreign trade 414 Money rates in foreign countries. 415 Foreign exchange rates 416 Guide to tabular presentation 334 Index to statistical tables 423 The figures on international capital transactions piled largely from regularly published sources are collected by the F.R. Banks from reports such as central bank statements and official made on Treasury foreign exchange forms col- statistical bulletins. For some of the series, back lected by the F.R. Banks in accordance with data are available in Banking and Monetary Executive Orders No. 6560, dated Jan. 15, 1934, Statistics and its Supplements (see list of publiand No. IOO33, dated Feb. 8, 1949, and Treas- cations at end of the BULLETIN). ury regulations thereunder. Other data are com- 399 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

400 GOLD RESERVES MARCH 1964 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) E pe n r d i o o d f w m t E o o a r s t t l t a e d i- l d 1 M F I t u a n o r n t n y l d e . - U S n ta i t t e e s d r m w e E s a o s t t r t e i l o - d d f A t r i g n e a n- t A ra u l s i - a A tr u i s a - g B iu e m l- Brazil Canada Chile lo C m o b - ia C o R o f e n t p g h . o e , 1957 38,765 1,180 22,857 14,730 126 126 103 915 324 1,100 40 62 81 1958 39,445 1,332 20,582 17,530 60 162 194 ,270 325 1,078 40 72 83 1959 40,195 2,407 19,507 18,280 56 154 292 ,134 327 960 43 71 42 1960 40,505 2,439 17,804 20,260 104 147 293 ,170 287 885 45 78 30 1961 41,105 2,077 16,947 22,080 190 162 303 ,248 285 946 48 88 1962 r41,440 2,194 16,057 r23,190 61 190 454 ,365 225 708 43 57 1963—Jan... 2,199 15.974 58 192 454 ,362 225 714 43 58 Feb.. 2,225 15,891 53 195 469 ,364 225 725 42 58 Mar.. .41,575 2,226 15,946 23,405 52 198 484 ,372 208 732 42 59 Apr.. 2,228 15,914 52 198 494 ,372 179 739 42 59 May. 2,235 15,854 51 199 504 ,372 179 746 43 60 June. r41,735 2,244 15,830 23,660 51 200 504 ,373 179 755 43 60 July.. 2,268 15,677 51 201 504 ,354 179 762 43 61 Aug.. 2,276 15,633 49 202 504 ,365 179 768 43 61 Sept.. '.41',895 ,304 15,634 23,955 49 202 504 ,367 775 43 61 Oct... 2,305 15,640 49 205 515 ,367 784 44 61 Nov.. 2,312 15,609 78 206 525 ,367 800 43 61 Dec. 2,312 15,596 ^24^390' 208 536 ,371 817 43 62 1964—Jan... 2,314 15,540 210 547 1,373 837 44 Domin- Ger- End of ican Ecua- El Sal- Fin- many, Guate- Indoperiod Cuba Repub- dor vador land France Fed. Greece mala India nesia Iran Iraq lic Rep. of 1957 136 22 35 581 2,542 27 247 39 138 20 1958 80 22 35 750 2,639 27 247 37 141 34 1959 50 20 38 1,290 2,637 24 247 33 140 84 1960 20 41 1,641 2,971 24 247 58 130 98 1961 19 47 2,121 3,664 24 247 43 130 84 1962 19 61 2,587 3,679 24 247 44 129 98 1963—Jan... 19 61 2,626 3,694 24 247 44 129 98 Feb.. 19 61 2,673 3,727 24 247 44 129 98 Mar.. 19 61 2,709 3,749 24 247 44 129 98 Apr.. 19 61 2,743 3,749 23 247 44 129 98 May. 19 61 2,777 3,749 23 247 129 98 June. 19 61 2,814 3,753 23 247 129 98 July.. 19 61 2,963 3,761 23 247 142 98 Aug.. 19 61 2,997 3,761 23 247 142 98 Sept.. 19 61 3,031 3,761 23 247 142 98 Oct... 19 61 3,089 3,817 23 247 142 98 Nov.. 19 61 3,128 3,823 23 247 142 Dec. 19 61 3,175 3,843 247 142 1964—Jan. . 66 3,210 3,844 247 142 E pe n r d i o o d f R Ir e e p la . n o d f , Italy a L n eb o - n M ic e o x- N l e a t n h d e s r- Ze N a e la w nd N w o a r y - P s a ta k n i- Peru ip P p h i i n l e - s Portu- A S r a a u b d i i a A So fr u ic th a 1957 452 91 180 744 45 49 6 461 217 1958 1,086 91 143 ,050 43 49 10 493 211 1959 1,749 102 142 ,132 30 50 9 548 238 1960 2,203 119 137 ,451 30 52 15 552 178 1961 2,225 140 112 ,581 30 53 27 443 298 1962 2,243 172 95 ,581 30 53 41 471 499 1963—Jan.. 2,254 172 95 ,581 30 53 42 471 486 Feb.. 284 172 94 ,581 30 53 43 476 505 Mar. 286 172 94 ,581 30 53 45 478 551 Apr. 286 172 95 ,581 30 53 45 478 571 May 2,287 172 93 ,581 30 53 46 478 591 June 2,289 172 92 ,581 30 53 21 478 598 July. 2,292 172 95 ,581 31 53 22 482 611 Aug. 2,291 172 95 ,581 31 53 24 496 639 Sept. 2,291 172 94 ,581 31 53 25 497 643 Oct.. 2,331 172 110 ,581 31 53 497 630 Nov. 2,331 172 127 ,581 31 53 497 629 Dec. 2,343 172 ,601 31 53 497 630 1964—Jan.. 2.343 1,601 31 ! 53 632 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1964 GOLD RESERVES AND PRODUCTION 401 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) I Bank E pe n r d i o o d f Spain Sweden Switzer- Syria T la h n a d i- Turkey ( U E . g A y . p R t) . U d K o n i m n it g e - d V zu e e n l e a - Y sl u av g i o a - S I e f n o tt t r l l e . - E E P F U 3 ments 2 1957 101 219 1,706 24 112 144 188 1,554 180 719 24 254 1958 57 204 1,925 24 112 144 174 2,808 180 719 -42 126 1959 68 191 1,934 19 104 133 174 2,514 180 652 -134 40 1960 178 170 2,185 19 104 134 174 2,800 180 401 -19 55 1961 316 180 2,560 19 104 139 174 2,268 180 401 115 56 1962 446 181 2,667 19 104 140 174 2,582 180 401 -50 56 1963—Jan 475 181 2,455 19 104 140 174 180 401 116 Feb 495 181 2,460 19 104 120 174 180 401 88 Mar 514 181 2,461 19 104 140 174 2,447 180 401 107 41 Apr 533 181 2,453 19 104 140 174 180 401 132 May 552 182 2,453 19 104 140 174 172 401 137 June 574 182 2,530 19 104 140 174 2,447 171 401 78 43" July 574 182 2,444 19 104 140 174 171 401 155 Aug 574 182 2,451 19 104 138 174 171 401 150 Sept 574 182 2,501 19 104 137 174 2,506 171 401 -1 42' Oct 573 182 2,520 104 136 174 171 401 -22 Nov 573 182 2,522 104 135 174 171 401 -77 Dec 573 182 2,820 104 135 174 2,484 171 401 -279 '47' 1964—Jan 573 182 2,549 174 1 Includes reported or estimated gold holdings of international and 2 Net gold assets of BIS, i.e., gold in bars and coins and other gold regional organizations, central banks and govts. of countries listed in assets minus gold deposit liabilities. this table and also of a number not shown separately here, and gold to be 3 European Payments Union through Dec. 1958 and European Fund distributed by the Tripartite Commission for the Restitution of Monetary thereafter. Gold; excludes holdings of the U.S.S.R., other Eastern European countries, and China Mainland. NOTE.—For back figures and description of the data in this and the The figures included for the Bank for International Settlements are following tables on gold (except production), see "Gold," Section 14 of the Bank's gold assets net of gold deposit liabilities. This procedure Supplement to Banking and Monetary Statistics, 1962. avoids the overstatement of total world gold reserves since most of the gold deposited with the BIS is included in the gold reserves of individual countries. GOLD PRODUCTION (In millions of dollars at $35 per fine troy ounce) Africa North and South America Other Period p W t r i o o o d n r u ld c ! - A So fr u ic th a R de h s o ia - Ghana C ( p L o o e n ld o g - - o U S n ta i t t e e s d C a a d n a - M ic e o x- r N ag ic u a a - 2 Brazil Co b l i o a m- t A ra u l s ia - India ot A he ll r 1 ville) 1956 975.0 556.2 18.8 22.3 13.1 65.3 153.4 12.3 7.6 4.3 15.3 36.1 7.3 63.0 1957 1,015 0 596 2 18 8 27 7 13 1 63.0 155.2 12.1 6 9 4 2 11.4 37.9 6 3 62.2 1958 1,050.0 618.0 19.4 29.8 12.3 61.6 158.8 11.6 7.2 3.9 13.0 38.6 6.0 69.8 1959 1,125 0 702.2 19.8 32 0 12 2 57.2 156 9 11.0 7 3 3 8 13.9 38.1 5 8 64.8 1960 1,175.0 748.4 19.6 30.8 11.1 58.8 161.1 10.5 7.0 4.1 15.2 38.0 5.7 64.7 1961 1,215.0 803.1 20.1 29.2 8.1 54.8 156.6 9.4 7.7 4.4 14.0 37.5 5.7 64.4 1962 1,290.0 892.7 19 4 31 1 7.1 54 5 145 5 8 3 7 8 4 5 n 7 37.4 5 7 62 3 1962—Dec 74.7 1.7 2.9 3 1.4 3.7 11.7 .4 .3 .8 3.3 .4 1963—Jan 78.0 1.6 2.7 11.7 .8 1.2 2.9 Feb 76.5 1.6 2 7 11.0 .6 •I 1.0 2.9 'A Mar . . 79.4 1.6 2.7 11.6 .7 .4 1.1 3.1 .5 Apr 79.1 1.6 2.7 11.8 .8 1 1.1 2.8 .5 May 80 6 1 6 2 6 12.4 .7 1.1 2.8 .5 J J u ul n y e 8 8 1 0 . . 6 1 1 1 . . 6 6 2.6 1 10 1 . . 9 6 . . 5 7 •1 1 . 9 .0 3 3 . . 3 4 A A Aug . 81 7 1 7 11.7 .6 A .9 3.0 A Sept 80.9 1.6 11.5 4 A .7 3.0 Oct 82.0 1 7 12 2 .*8 5 2.6 Nov 81.6 11.7 .4 Dec 78 6 10.8 1 Estimated; excludes U.S.S.R., other Eastern European countries, NOTE.—Estimated world production based on reports of the U.S. China Mainland, and North Korea. Bureau of Mines. Country data, except for Brazil, based on reports from 2 Gold exports. individual countries and Bureau of Mines; data for Brazil from American 3 Oct.-Dec. Bureau of Metal Statistics. For the United States, annual figures are from the Bureau of the Mint, monthly figures from American Bureau of Metal Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

402 ILS. GOLD MARCH 1964 NET GOLD PURCHASES OR SALES BY THE UNITED STATES, BY COUNTRY fin millions of dollars at $35 per fine troy ounce) 1962 1963 Area and country 1956 1957 1958 1959 1960 1961 1962 1963 n IV I III IV Western Europe: -84 -83 -1 -143 -82 —30 —30 -20 -32 Belgium 3 3 —329 — 39 — 141 — 144 — 63 -34 -266 — 173 -456 -518 -101 -101 -101 -214 -101 Germany, Fed. Rep. of -34 -23 Italy — 349 100 25 -261 -30 -249 Portugal —20 — 10 -25 31 32 -114 -156 -146 -130 -20 -70 -60 -8 -215 20 -324 -125 102 50 United Kingdom 100 -900 -350 -550 -306 -387 329 8 107 18 74 131 Bank for Intl. Settlements -178 -32 -36 -23 Other 18 8 -21 -38 -96 -53 -12 1 15 -9 i4 * 4 Total .... 80 68 -2,326 -827 -1,718 -754 -1,105 -399 -79 -104 -149 -139 -7 15 5 190 Latin American republics: Argentina . 115 75 67 —50 —90 85 — 30 — 30 Brazil -1 -11 -2 -2 57 72 59 17 28 -1 28 28 -6 38 27 30 20 4 4 -200 65 Other 29 6 2 -5 -22 -17 -5 -7 -4 * 6 -11 j Total -28 81 69 19 -100 -109 175 32 83 16 34 -16 -3 Asia: 30 157 15 Other • 18 -4 -28 -97 i -101 2 -93 3 12 -ii -8 25 • -4 Total * 18 -34 -186 -113 -101 -93 12 -11 -8 25 * -4 All other 14 -3 -5 -38 -6 -1 -36 1 -1 -10 -25 Total foreign countries 80 172-2,294 -998 -1,969 -970 -833 -392 -6 -96 -100 -180 -15 4 200 600 5 -44 4 300 150 Grand total • • • . • 280 772-2,294 -1,041 -1,669 -820 -833 -392 -6 -96 -100 -180 -15 1 Includes sales of $21 million to Lebanon and $48 million to Saudi 4 Proceeds from this sale invested by the IMF in U.S. Goyt. securities; Arabia. upon termination of the investment the IMF can reacquire the same 2 Includes sales of $21 million to Burma, $32 million to Lebanon, and amount of gold from the United States. $13 million to Saudi Arahia 5 Payment to the IMF of $344 million as increase in U.S. gold sub- 3 Includes purchases of $25 million from the Philippines. scription less sale by the IMF of $300 million (see also note 3). U.S. GOLD STOCK AND HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES BY U.S. MONETARY AUTHORITIES (In millions of dollars) End of period Changes in— End of period Changes in— Year Gold stock 1 Foreign Month Gold stock1 Foreign Total currency Total Total Total currency Total Total holdings gold holdings3 gold Total 2 Treasury Total2 Treasury 1951.. 22,873 22,873 22,695 53 53 1963—Feb.... 16,023 15,891 15,878 132 -79 -83 1952.. 23,252 23,252 23,187 379 379 Mar.... 16,078 15,946 15,878 132 55 55 1953.. 22,091 22,091 22,030 -1,161 -1,161 Apr.... 16.046 15,914 15,877 132 -32 -32 1954,. 21.793 21.793 21,713 -298 -298 May... 16.009 15,854 15,797 155 -37 -60 1955.. 21,753 21.753 21,690 -40 -40 June... 15.956 15,830 15,733 126 -53 -24 1956.. 22,058 22,058 21,949 305 305 July.... 15,764 15,677 15,633 87 -192 -153 1957.. 22.857 22,857 22,781 799 799 Aug.... 15,725 15.633 15,582 92 -39 -44 Sept.... 15,788 15,634 15,582 154 63 1 1958.. 20,582 20.582 20,534 -2,275 -2,275 Oct.... 15,910 15.640 15,583 270 122 6 1959.. 19,507 19.507 19,456 -1.075 4-1,075 Nov.... 15,780 15,609 15,582 171 -130 -31 I960.. 17,804 17.804 17,767 -1,703 -1,703 Dec... 15,808 15,596 15,513 212 28 -13 1961.. 17,063 16,947 16,889 116 -741 -857 1962 . 16.IS6 16.057 15,978 99 -907 -890 1964—Jan 15,847 15,540 15,512 307 39 -56 1963.. 15,808 15,596 15,513 212 -348 -461 Feb.*\. 15,865 15,518 15,462 347 18 -22 1 Includes gold sold to the United States by the International More- 4 Includes payment of $344 million as increase in U.S. gold subscriptary Fund with the right of repurchase, which amounted to $800 million tion to the IMF. on Feb. 29, 1964. 2 Includes gold in Exchange Stabilization Fund. NOTE.—See Table 10 on p. 411 for gold held under earmark at F.R. 3 For holdings of F.R. Banks only see pp. 342 and 344. Banks for foreign and international accounts. Gold under earmark is not included in the gold stock of the United States. See also NOTE to table on gold reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1964 GOLD RESERVES AND DOLLAR HOLDINGS 403 HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (In millions of dollars) Dec. 31, 1961 Dec. 31, 1962 Mar. 3 , 1963 June 3C, 1963 Sept. 30, 1963 Dec. 31, 1963* U.S. Govt. Area and country Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. Gold& bonds <iS notes1 short Govt. short- Govt. short- Govt. short- Govt. short- Govt. shortterm bonds term bonds term bonds term bonds term bonds term dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars Old New series series Western Europe: Austria 558 3 783 * 789 2 814 2 903 2 901 2 3 B D e e l n g m iu a m rk 1,57 8 4 3 3 8 0 '1,54 9 2 8 1 * 6 '1,55 9 8 6 16 1 '1,6 1 1 1 7 1 1 1 5 1,6 1 7 4 8 7 15 1,7 1 9 9 1 2 1 1 3 1 a 4 te F F G i r e n a r l n m a c n a e d ny, Fed. Rep. of 6 3 , , 5 1 1 1 0 3 0 6 8 4 2 3 6 3 , , 4 7 1 0 4 3 9 4 4 2 3 3 '4 6 , , 1 2 1 2 2 4 8 4 0 2 3 3 '4 6 , , 5 4 1 4 6 3 1 2 1 3 3 * 4 6 , , 5 6 1 1 3 3 0 4 4 3 3 * 4 6 , , 6 8 1 5 8 6 3 4 0 3 * 3 6 1 1 I G ta re ly ece 3,4 1 5 5 9 4 * * 3,6 1 2 9 7 6 * 3,3 2 8 4 5 3 * 1 3,4 2 2 5 2 1 * 1 3,5 2 4 5 0 8 * 1 3,1 2 4 6 8 5 * 1 * 1 Netherlands 1,797 3 1,829 1 1,809 2 1,897 2 1,910 2 1,961 2 4 Norway 135 126 155 87 160 111 165 137 158 133 164 126 131 P S o pa rt i u n gal 4 5 6 4 9 2 1 1 6 6 3 2 2 3 1 1 7 6 0 3 5 5 1 6 7 2 3 5 6 1 1 6 75 4 1 6 1 7 6 7 8 8 8 2 * Sweden . 586 93 671 93 673 73 699 73 616 123 591 133 129 T Sw ur i k tz e e y rland 3 '1 4 6 3 5 5 83 3,5 1 7 6 5 5 83 * 3,2 1 7 6 3 2 85 * 3 4 1 2 5 0 6 83 * 3 3 1 2 5 5 8 82 * 3 7 1 2 5 6 6 83 75 * United Kingdom 4,495 435 4,191 370 4,630 297 4,354 298 4,253 312 3,973 361 328 Other 681 48 ''542 48 '572 46 '497 48 502 50 433 49 46 Total 27,887 840 '28,916 708 '29,182 644 '29,898 668 30,123 729 30,464 779 741 3,704 459 4,057 389 3,871 528 3,929 644 3,877 700 3,803 686 687 Latin American republics: Argentina 425 1 271 318 1 393 1 453 1 453 1 * Brazil 513 1 429 1 400 1 348 1 360 1 328 * Chile 153 178 * 167 * 172 • 176 * 186 * * Colombia 235 1 205 1 226 1 243 1 216 1 231 1 Cuba .. 44 * 16 * 16 * 15 * 14 * 12 • * Mexico 607 5 626 4 690 4 688 4 759 5 796 5 2 P Pe a r n u ama Republic of 1 8 3 7 1 1 9 5 8 2 * 1 1 9 5 7 5 * 1 1 1 6 1 8 * 1 1 1 1 9 7 8 * 1 2 1 1 2 5 9 * 1 * * Uru2uav 237 1 281 1 276 1 262 263 1 284 1 * Venezuela 819 806 1 837 1 905 1 933 1 992 1 * Other 293 336 421 3 398 376 1 431 1 2 Total 3,544 12 3,398 3,603 13 3,703 12 3,865 12 4,057 12 5 Asia: India 325 6 288 6 296 < 295 e 302 298 c * Indonesia 119 1 72 1 74 76 1 67 1 92 1 1 Japan 31,976 2,499 2,558 2,613 2,689 3 2,758 5 P T O h h th i a l e i ip l r a p n in d e . s 1,3 2 3 2 1 6 9 2 8 * 1 '1,4 2 4 4 1 3 7 5 7 40 '1,5 2 4 1 2 7 9 5 1 40 * '1,5 2 4 4 2 8 9 3 0 40 1,5 2 4 4 8 2 0 6 2 42 * 1,6 4 2 4 8 3 1 6 4 42 * 41 * 45 Total 34,329 56 '4,958 50 '5,143 49 '5,236 49 5,306 51 5,509 51 47 Africa: South Africa 330 * 540 597 * 636 683 671 * U A R (Egypt) 189 * 188 193 191 186 188 * Other 343 12 373 10 377 10 355 10 331 10 291 10 9 Total 862 12 1,101 10 1,167 10 1,182 10 1,200 10 1,150 10 9 Other countries: Australia 260 337 340 360 348 * 388 * All other 275 27 287 29 281 28 358 30 329 28 322 30 25 Total 535 27 624 29 621 28 718 30 677 28 710 30 25 Total foreign countries4 340,861 1,406 '43,054 1,199 '43,587 1,272 '44,666 1,413 45,048 1,530 45,693 1,568 1,514 International and regional5 5,829 1,432 7,352 911 7,218 966 '7,091 1,065 7,096 1,163 6,975 1,213 1,219 Grand totaH 346,690 2,838 '50,406 2,110 '50,805 2,238 '51,757 2,478 52,144 2,693 52,668 2,781 2,733 1 The first column continues the series based on a 1960 survey and national Monetary Fund, International Finance Corp., International subsequently reported securities transactions; the second is based on a Development Assn., and other international organizations; Inter-Amersurvey as of July 31, 1963, and reported securities transactions for Aug.- ican Development Bank, European Coal and Steel Community, European Dec. Data are not available to reconcile the 2 series. Investment Bank, and other Latin American and European regional 2 In addition to other Western European countries includes unpub- organizations except the BIS and E.F. (see note 2). lished gold reserves of certain Western European countries; gold to be distributed by the Tripartite Commission for the Restitution of Mone- NOTE.—Gold and short-term dollars include reported and estimated tary Gold; European Fund; and the Bank for International Settlements official gold reserves, and official and private short-term dollar holdings (the figures for the gold reserves of the BIS represent the Bank's net (principally deposits and U.S. Treasury bills and certificates); excludes gold assets). nonnegotiable, non-interest-bearing special U.S. notes held by the Inter- 3 Total short-term dollars include $82 million reported by banks American Development Bank and the International Development initially included as of Dec. 31, 1961, of which $81 million reported for Assn. U.S. Govt. bonds and notes are official and private holdings of Japan. U.S. Govt. securities with an original maturity of more than 1 year; 4 Excludes gold reserves of the U.S.S.R., other Eastern European excludes nonmarketable U.S. Treasury bonds and notes held by official countries, and China Mainland. institutions of foreign countries as shown in Table 7 on p. 410. 5 International Bank for Reconstruction and Development, Inter- See also NOTE to table on gold reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

404 INTL. CAPITAL TRANSACTIONS OF THE U.S. MARCH 1964 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) International and regional 1 Foreign E pe n r d i o o d f G to ra ta n l d Total Intl. E p r u e e r a - o n - L r . e A - . Total c O i f a f l i s - Other Europe Canada A L m a e t r i i n ca Asia Africa O c t o r t u i h e n e s - r gional 2 gional 1959 419,389 43,158 43,158 16,231 9,154 7,076 8,473 2 198 2,408 2,780 253 119 1960 21 272 4 012 3 897 115 17,260 10 212 7,048 9 046 2 439 2 308 3 115 227 125 1961 522,533 3,752 3,695 57 518,781 10 940 57,841 10 322 2 758 2,340 52,974 283 104 1962 r25 022 5 148 4 938 34 176 '19 874 '11 963 7 911 '10 162 3 349 2 448 3 444 319 152 1963—Jan '24,954 5,100 4,895 30 175 '19,854 '11,569 '8,286 '10,014 3,295 2,561 3,518 319 147 Feb.. '24,996 5,059 4,856 26 177 '19,937 '11,489 8,448 '10,105 3,261 2,576 3,523 329 142 Mar. '"25,172 4,983 4,797 28 158 '20,189 '11,785 8,404 '10,277 3,139 2,678 3,621 326 147 Apr.. '25,357 5,029 4,847 19 162 '20,328 '11,916 8,413 '10,114 3,227 2,862 3,644 321 160 May. '25,443 4,862 4,697 20 145 '20,581 '12,098 8,483 '10,282 3,244 2,883 3,704 303 165 June. '25,852 '4,838 4,671 26 141 '21,014 '12,380 8,634 '10,762 3,174 2,879 3,733 291 175 July. '25,475 4,950 4,783 18 150 '20,525 '11,931 8,594 '10,323 3,073 2,943 3,737 286 162 Aug. '25,789 '4,824 '4,662 18 144 '20,965 '12,218 8,747 '10,666 3,129 2,972 3,741 293 164 Sept. '25,883 '4,783 '4,622 18 142 '21,100 '12,395 8,705 '10,789 3,102 3,006 3,779 264 160 Oct.. '26,308 '4,771 '4,617 17 137 '21,537 '12,341 9,196 '10,865 3,370 3,021 3,852 265 164 Nov. 26,459 4,682 4,526 17 139 21,777 12,396 9,381 10,826 3,498 3,038 3,955 274 185 Dec.P 25,964 4,654 4,499 18 137 21,310 12,470 8,840 10,779 2,986 3,139 3,971 241 194 1964—Jan.*\ .. 26,151 4,688 4,535 17 136 21,463 12,220 9,244 10,763 3,099 3,172 4,012 246 172 la. Europe End of period Total Austria Belgium m De a n rk - l F a i n n d - France m G a e n r y - Greece Italy N l e a t n h d e s r- Norway Po g r a t l u- Spain Sweden 1959 8,473 331 138 137 71 655 1,987 186 1 370 485 95 138 86 213 I960 9,046 243 142 54 46 519 3,476 63 877 328 82 84 149 227 1961 10,322 255 326 52 91 989 2,842 67 1,234 216 105 99 153 406 1962 '10,162 329 '177 67 73 1,157 2,730 119 1,384 248 125 161 177 490 1963—Jan '10,014 320 '180 56 75 1,272 2,495 142 1,182 232 120 167 184 476 Feb... '10,105 317 '192 44 75 '1,361 2,413 162 1,123 216 134 161 209 507 Mar.. '10,277 305 '186 65 79 '1,419 2,475 166 1,099 228 130 157 191 492 Apr... '10,114 276 '211 69 70 '1,438 2,456 171 1,121 286 131 159 169 480 May.. '10,282 288 '234 74 68 '1,578 2,670 174 1,054 324 130 153 163 483 June.. '10,762 310 '244 80 70 '1,727 2,709 174 1,133 316 135 147 162 517 July.. '10,323 354 '218 99 76 '1,444 2,771 181 1,165 238 136 151 184 470 Aug.. '10,666 392 '281 101 75 '1,486 2,844 176 1,287 226 133 146 201 432 Sept.. '10,789 399 '311 116 73 '1,479 2,873 181 1,249 329 127 149 177 434 Oct... '10,865 372 '410 128 78 '1,434 2,965 '174 1,029 367 119 149 164 419 Nov.. 10,826 347 401 144 86 1,499 3,041 183 877 361 119 162 172 431 Dec.p. 10,779 365 420 161 99 1,478 3,041 188 805 360 133 191 205 409 1964—Jan P. .. 10,763 360 440 176 93 1,487 2,999 177 685 319 107 199 208 421 la. Europe—Continued lb. Latin America End of period Sw la i n tz d er- Turkey U K d n i o i n m t g e - d Y sl u av g i o a - W E O u e t s r h t o e e p r rn e6 U.S.S.R. E E O a u t s r h t o e e p r r n e Total A t r i g n e a n- Brazil Chile Co b l i o a m- Cuba Mexico 1959... 969 31 990 6 569 3 13 2,408 337 151 185 217 164 442 1960 . ... 678 18 1,667 10 357 12 14 2,308 315 194 135 158 77 397 1961 875 26 2 227 12 325 5 16 2 340 235 228 105 147 43 495 1962 908 25 1,609 11 '351 3 19 2,448 210 204 135 148 715 531 1963—Jan 861 30 1,923 14 '263 3 19 2,561 211 188 131 183 14 558 Feb 813 36 2,041 13 '266 3 19 2,576 235 173 118 177 14 589 Mar.... 812 22 2,183 10 '240 2 16 2,678 266 192 125 167 15 596 Apr 751 21 2,056 11 '217 3 18 2,862 309 198 120 163 15 639 May.... 718 20 1,948 11 '172 2 19 2,883 335 167 124 165 15 627 June 890 16 ,907 12 '192 3 20 2,879 342 169 129 183 14 596 July 809 16 ,800 12 '177 2 19 2,943 383 151 114 157 13 658 Aug.... 790 27 ,854 15 '179 3 19 2,972 399 160 117 168 12 670 Sept 824 21 ,747 15 '265 2 17 3,006 404 181 133 155 13 665 Oct '857 26 ,810 15 '325 2 21 3,021 381 185 122 163 12 632 Nov.. .. 831 25 ,713 16 395 2 20 3,038 360 187 135 162 11 654 Dec.P. .. 906 21 ,489 16 465 2 24 3,139 375 178 143 169 11 669 1964—Jan. v. .. 915 18 1,786 14 334 3 23 3,172 381 168 131 174 11 684 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1964 INTL. CAPITAL TRANSACTIONS OF THE U.S. 405 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) lb. Latin America—Continued lc. Asia E pe n r d i o o d f Panama Peru U gu r a u y - V zu e e n l e a - O R L t e . h A p e . . r B B e a r h m & a u m d a a s 8 >\ S n u N ti r l e i l n t e h a s . m & Am O La e th t r i i e n c r a 8 Total M C la h a n i i n d n a - H Ko o n n g g India n d I e n o s - - ia Israel 1959 129 82 62 277 227 9 14 88 33 2 780 36 60 114 139 87 i960 123 72 51 398 235 69 72 12 3,115 35 57 54 178 75 1961 . 87 84 57 418 226 111 89 15 52 974 3^> 56 78 76 63 1962 98 105 101 405 267 123 97 10 3 444 36 65 41 28 81 1963—Jan ... 96 105 90 455 300 123 97 10 3 518 36 62 46 30 87 Feb 102 103 95 413 329 123 95 10 3,523 36 61 45 30 93 Mar.... 97 108 96 436 352 123 95 10 3,621 36 61 49 30 96 Apr 103 110 91 505 361 129 94 25 3,644 35 66 40 33 95 May.... 110 113 94 498 357 133 95 52 3,704 35 61 47 34 97 June.... 111 121 91 504 331 138 98 52 3,733 35 64 48 32 106 July 109 126 93 559 326 129 93 33 3,737 39 61 49 34 91 Aug 113 129 91 541 322 126 89 35 3,741 35 62 48 33 96 Sept 117 141 92 532 310 132 94 39 3,779 35 65 55 23 93 Oct 111 153 93 616 307 128 87 32 3,852 35 67 51 32 105 Nov 125 155 110 581 306 134 82 36 3.955 35 69 49 27 113 Dec.P... 129 158 113 591 350 136 85 32 3,971 35 66 51 48 112 1964—Jan.v. .. 111 168 105 646 354 128 80 31 4,012 35 78 51 44 121 lc. Asia—Continued Id. Africa le. Other countries E pe n r d i o o d f Japan Korea P p h i i n l e ip s - T w a a i n - T la h n a d i- O A t s h i e a r Total (L C e v o o il n p le g o ) o ld- ro M cc o o - 8 A So fr u ic th a ( U E . g A y . p R t) . A O f t r h ic e a r Total t A ra u l s i - a ot A he ll r 8 1959 1,285 148 172 94 141 504 253 31 58 49 20 95 119 110 9 I960 1 887 152 203 84 186 204 227 32 64 29 22 80 125 88 37 1961 51 672 199 185 92 264 254 283 34 93 32 15 109 104 98 6 1962 2,195 136 174 75 333 280 319 35 68 41 14 161 152 147 5 1963 Jan . 2 204 129 174 79 348 324 319 36 68 43 13 159 147 142 5 Feb ... 2 191 120 181 81 361 325 329 36 68 44 16 165 142 137 5 Mar 2,254 116 180 88 367 344 326 32 68 46 19 161 147 142 5 Apr . . 2 268 108 176 92 368 363 321 32 105 46 19 119 160 149 11 May. .. 2 305 99 179 100 371 375 303 29 103 49 15 107 165 149 16 June... 2,309 92 202 108 376 361 291 30 101 38 17 105 175 160 15 July . 2 315 87 204 114 379 365 286 30 88 45 15 109 162 147 15 Aug.... 2 309 86 210 122 384 356 293 30 85 48 13 117 164 149 15 Sept.... 2,385 86 197 126 382 332 264 24 77 40 12 111 160 146 14 Oct 2 403 91 209 134 382 344 265 24 71 43 18 109 164 148 16 Nov.... 2,456 108 196 141 379 381 274 25 59 55 14 121 185 171 14 Dec. *>.. 2,454 113 209 149 382 353 241 26 49 41 14 112 194 180 13 1964— Jan. P.. . 2,424 122 201 167 384 384 246 25 48 42 17 114 172 157 15 1 International Bank for Reconstruction and Development, Inter- 9 Bermuda only; Bahamas included in "Other Latin America." national Monetary Fund, International Finance Corp., International i o Represent a partial breakdown of the amounts shown in the "other" Development Assn., and other international organizations; Inter-Amer- categories (except "Other Eastern Europe") in Tables la-le. ican Development Bank, European Coal and Steel Community, European Except as indicated by note 11, data for 1961-62 based on reports Investment Bank and other Latin American and European regional by banks in the Second F.R. District only; data for Apr. and Dec. 1963 organizations, except Bank for International Settlements and European based on reports by banks in all F.R. Districts. Fund which are included in "Europe." 11 Based on reports by banks in all F.R. districts. 2 Not reported separately until 1962. 12 Jamaica, Trinidad and Tobago included in British West Indies. 3 Foreign central banks and foreign central govts. and their agencies, and Bank for International Settlements and European Fund. NOTE.—Short-term liabilities are principally deposits (demand and 4 Includes $1,031 million representing increase in U.S. dollar sub- time) and U.S. Govt. securities maturing in not more than 1 year ffrroomm scription to the IMF paid in June 1959. their date of issue; the latter, however, exclude nonnegotiable, non- 5 Includes $82 million reported by banks initially included as of Dec. interest-bearing special U.S. notes held by the International Develop- 31, 1961, of which $81 million reported for Japan. ment Assn. and the Inter-American Development Bank. For data 6 Includes Bank for International Settlements and European Fund. on long-term liabilities, see Table 5. For back figures and further 7 Decline reflects principally reclassification of deposits for changes description of the data in this and the following tables on international in domicile over the past few years from Cuba to other countries. 8 Data based on reports by banks in the Second F.R. District only for year-end 1959-1962; Dec. 1962 figure carried forward through Mar. 1963. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

406 INTL. CAPITAL TRANSACTIONS OF THE U.S. MARCH 1964 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) If. Supplementary Data10 (end of period) 1963 1963 Area or country 1961 1962 Area or country 1961 1962 Apr. Dec. Apr. Dec. Other Western Europe: Other Asia (Cont.): Iceland 3.1 5.6 5.2 7.0 Iran "31.3 11 18.7 49.4 23.5 Ireland, Rep. of 3.2 2.9 4.7 n.a. Iraq 20.2 8.5 11.1 n.a. Luxembourg 16.1 10.8 8.9 7.4 Jordan 1.6 1.2 1.7 2.8 Monaco 3.4 1.7 2.0 2.7 Kuwait 27.1 33.0 38.2 46.5 Laos 4.6 14.0 12.8 8.8 Other Latin American Republics: Lebanon 52.3 65.9 77.9 76.3 Bolivia U26.2 H23.2 21.2 32.6 Malaysia 7.6 18.4 18.9 24.1 Costa Rica 13.3 16.5 32.8 29.1 Pakistan 10.1 15.9 15.9 17.3 Dominican Republic "22.8 H42.0 47.4 58.0 Ryukyu Islands (incl. Okinawa) 14.6 17.0 32.7 n.a. Ecuador 23.6 36.3 37.8 53.4 Saudi Arabia 24.9 28.4 37.1 61.7 El Salvador "21.9 U22.5 48.6 41.7 Syria 2.6 4.9 3.4 2.1 Guatemala n45.8 H40.9 74.8 47.9 Viet-Nam 7.9 10.1 11.6 12.1 Haiti 9.9 10.5 11.9 12.9 Honduras 14.8 13.8 23.7 20.0 Other Africa: Jamaica 1.8 3.3 5.8 5.6 Algeria .5 1.6 .5 Nicaragua 17.3 14.8 42.5 35.0 Ethiopia, incl. Eritrea. 11.1 17.0 20.8 22.3 Paraguay 4.9 5.7 6.8 8.9 Ghana 1.1 4.1 10.8 n.a. Trinidad & Tobago 3.1 4.1 2.3 Liberia 21.9 17.6 13.4 22.0 Libya 5.4 5.5 10.5 14.1 Other Latin America: Mozambique 1.6 2.5 1.1 1.4 British West Indies 1214.0 9.0 22.6 19.9 Nigeria 21.8 26.8 24.5 n.a. French West Indies & French Somali Republic 1.7 .6 .6 .8 Guiana .5 1.0 1.3 1.3 Southern Rhodesia n.a. n.a. n.a. 3.6 Sudan 2.0 2.4 2.4 2.5 Other Asia: Tunisia 1.2 10.9 11.6 1.0 Afghanistan 3.6 5.3 13.3 5.0 Burma 4.5 2.5 8.9 n.a. All other: Cambodia 15.3 12.6 10.2 6.9 New Zealand. 4.0 4.7 10.5 Ceylon 6.5 4.9 9.6 3.1 For notes see preceding page. 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars To banks and officialinstitutiorIS To all other foreigners Payable End of period Total for i e n ign Total Dem D an e d pos T it i s me i c T b er i r l t U e l if s a . i s S c a u a . n r t d e y s n S o U p t e . e c S s i . a 2 l Other 3 Total Dema D n e d pos T it i s me i c T b er i r t l U e i l f s a . i s S c a u a . n r t d e y s Other 3 currencies 1959 419,389 416,913 6,:41 7,180 4 2,065 1.328 2,398 1,833 295 270 77 I960 21,272 18 929 7,568 7 491 2,469 1,401 2,230 1,849 148 233 113 1961 22,450 19,944 8,644 7,363 2,388 1,549 2,356 1,976 149 231 150 1961 5 22,533 20,025 8,707 7,363 2,388 1,567 2,358 1,977 149 232 150 1962 . . . '25,022 '22,314 8,528 9,214 3,012 '1,560 2,565 2,096 116 352 143 1963—Jan '24,954 '22,227 8,858 8,765 2,995 1,609 2,563 2,077 123 363 164 Feb '24,996 '22,192 8,957 8,617 2,980 1,638 2,655 2,110 144 401 150 Mar '25,172 '22,357 8,936 8,766 2,965 1,690 2,671 2,116 143 412 143 Apr '25,357 '22,483 '8,929 8,875 2,981 1,698 2,759 2,197 146 416 116 May r25,443 '22,550 5,471 3.480 8,955 2,976 1,668 2,762 1.405 806 128 423 130 June.... '25,852 '22,904 5,714 3,561 9,012 2,922 1,695 2,822 1,442 832 109 439 127 July r25,475 '22,570 5,638 3,561 8,781 2,961 1,629 2,797 1,401 858 117 421 108 AUK '25,789 '22,813 5,487 3,674 8,916 3,028 1,708 2,864 1,399 886 111 468 112 Sept '25,883 '22,853 5,567 3,647 8,859 3,028 1,752 2,921 1,441 902 109 469 108 Oct '26,308 '23,220 5,760 3,821 8,735 3,036 1,868 2,943 1,391 931 122 499 145 Nov 26,459 23,305 5,994 3,806 8,555 3,036 1,914 3,025 1 454 952 134 485 130 Dec.** 25,964 22,780 5,628 3,673 8,570 3,036 1,873 3,047 1,493 966 119 469 137 1964—Jan * 26,151 23,018 5,900 3,756 8,531 3,036 1,795 3,001 1,425 979 120 477 131 1 Excludes negotiable time certificates of deposit which are included 3 Principally bankers' acceptances, commercial paper, and negotiable in "Other." time certificates of deposit. 2 Nonnegotiable, non-interest-bearing special U.S. notes held by the 4 Includes $1,031 million of nonnegotiable, non-irterest-bearing International Monetary Fund; excludes such notes held by the Inter- special U.S. notes representing increase in U.S. dollar subscription to national Development Assn. ard the Irter-^rrerican Development the IMF paid in Jure 1959. Bank, which amounted to $289 million on Jan. 31, 1964. 5 These figures reflect the inclusion of data for banks initially included as of Dec. 31, 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1964 INTL. CAPITAL TRANSACTIONS OF THE U.S. 407 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) End of period G to ra ta n l d I r n e t g l. i o a n n a d l Europe Canada A L m a e t r in ica Asia Africa 1 co O un th tr e i r es 2 1959 2,624 534 272 1,176 586 56 I960 3,614 717 421 1 356 1,052 69 1961 . 3 4,820 767 556 1,522 3 1,891 85 1962 '5 163 877 526 1 606 2,017 '137 1963—jan r4 952 751 535 J "575 1 970 r121 Feb '5 080 794 573 1,605 1,978 '131 Mar '5 115 825 547 I 563 2 048 r133 Apr '5 306 850 580 I 587 2,158 r131 May '5,343 '863 580 1,592 2,176 '83 48 June '5,526 985 654 1,612 2,138 '88 47 July '5,463 r877 667 ,668 2,124 r78 47 Aug .. '5,429 '954 597 697 2,046 '83 50 Sept 5,430 920 554 1,698 2,119 88 51 Oct 5,563 967 627 ,690 2,139 82 56 Nov 5,746 1,000 632 1,687 2,276 97 52 Dec.p 5,905 937 607 ,739 2,459 104 58 1964—Jan.*7 6,093 I 958 637 ],760 2,577 104 55 3a. Europe End of period Total A tr u ia s- g B iu e m l- m De a n rk - l F a i n n d - France Ger- Greece Italy N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- 1959 534 4 56 18 8 57 54 5 30 38 7 2 8 19 1960 717 2 65 13 9 32 82 6 34 33 17 4 8 28 1961 767 5 20 11 23 42 165 6 35 54 27 5 11 35 1962 877 7 32 14 30 68 186 6 54 27 35 9 19 18 1963—Jan.. . 751 7 21 9 35 56 134 6 51 26 34 9 19 16 Feb... 794 8 30 13 39 56 144 6 69 36 35 10 23 19 Mar.. 825 9 25 13 39 58 160 6 58 29 32 11 25 22 Apr.., 850 8 29 15 41 67 144 9 67 32 33 13 33 23 May., '863 9 34 14 44 72 143 7 '58 37 34 12 40 26 June., 985 9 29 10 51 67 256 8 57 34 31 11 44 24 July.. '877 9 28 10 51 63 132 10 69 37 34 11 44 25 Aug.. '954 12 26 9 49 65 159 9 85 37 35 12 52 33 Sept.. 920 10 28 11 51 69 146 10 70 37 35 13 45 32 Oct... 967 10 26 11 49 66 151 9 81 41 34 14 38 33 Nov.. 1,000 9 27 11 49 65 176 9 82 36 41 16 34 36 Dec.*5 937 8 26 13 52 70 121 9 97 33 40 14 30 30 1964—Jan. P. 958 8 25 13 53 74 160 9 106 40 39 12 31 25 3a. Europe—Continued 3b. Latin America End of period S l w a e n r i - t d z- T k u e r y - U K d n i o i n m t g e - d Y sl u av g i o a - W E O u e t r s h o t e e p r r e n 4 U.S.S.R. E E O u as t r h t o e e p r r e n • Total A t r i g n e a n- Brazil Chile l C o b m i o a - - Cuba M ic e o x- 1959 38 47 121 3 13 1,176 60 117 59 68 115 291 1960 60 49 245 11 11 1,356 121 225 73 80 26 343 1961 105 16 181 9 9 1,522 192 186 127 125 19 425 1962 75 42 221 6 19 > 1,606 181 171 186 131 17 408 1963—Jan.. 72 42 180 6 19 1,575 156 187 168 129 17 417 Feb.. 67 36 172 6 19 > 1,605 161 179 160 149 17 420 Mar.. 71 32 197 9 21 1,563 161 178 151 145 17 409 Apr.. 65 40 190 12 21 1,587 170 196 151 137 17 405 May. 66 44 175 17 20 1,592 180 196 161 136 17 406 June. 65 49 188 16 21 1,612 180 197 166 153 17 409 July. 69 47 '187 17 21 1,668 200 192 171 146 17 448 Aug.. 71 44 '2C4 16 21 1,697 198 199 170 176 17 448 Sept. 75 47 197 13 19 1,698 187 210 179 169 17 454 Oct.. 91 42 232 7 20 > 1,690 183 183 186 180 17 445 Nov. 78 23 262 10 22 < 1,687 184 172 192 185 16 443 Dec.P 70 48 229 7 23 1,739 188 163 187 208 16 465 1964—Jan." 79 36 200 8 23 * 1,760 179 170 184 218 16 468 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

408 INTL. CAPITAL TRANSACTIONS OF THE U.S. MARCH 1964 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 3b. Latin America—Continued 3c. Asia E pe n r d i o o d f Panama Peru 1U gu r a u y - V zu e e n l e a - R O l L e ic t p . h A s u e 6 . b r - m B B m u a & e d h a r a s a - - 1 A N S n n u e a t & i m r t l h i l - e . s A O L i m c a th a t e i e ? n r r - Total C M la h a n i i n d n a - K H o o n n g g India I n n e d s o ia - Israel 1959 18 36 47 247 57 4 57 586 2 10 6 14 I960 23 44 57 234 55 8 66 1 052 2 9 9 t 24 1961 32 74 55 144 56 13 74 31,891 2 9 8 36 1962 30 85 122 102 66 9 98 2,017 2 13 20 37 1963 —Jan.... 33 88 114 102 67 10 87 1,970 2 14 17 35 Feb.... 38 83 123 104 70 10 92 1 978 2 14 20 38 Mar... 40 86 113 97 68 9 89 2,048 2 14 24 39 34 91 121 100 60 10 96 2 158 2 14 22 i 33 Mayi'.l 34 95 97 101 115 27 10 19 2,176 2 13 22 « 31 June... 29 [03 95 99 105 27 14 18 2,138 2 12 19 i 27 July... 29 106 96 96 113 29 U 11 2,124 2 12 16 i 29 Aug.... 30 [04 93 99 112 31 10 10 2,046 2 11 19 i 28 Sept... 30 [03 86 102 109 33 9 10 2,119 2 11 20 t 28 Oct.... 33 103 89 103 116 31 8 15 2,139 2 11 18 30 Nov.... 33 98 82 106 121 33 I 14 2,276 2 12 16 25 Dec. P. . 36 99 62 114 135 42 9 16 2,459 2 11 17 22 1964—Jan.?.. 47 104 54 111 147 37 9 16 2,577 2 11 18 * 25 3c. Asia—Continued 3d. Africa 3e. Other countries End of period Japan Korea P p h i i n l e ip s - T w a a i n - T la h n a d i- O A t s h i e a r Total i C ( p L o o e n l o d g - - o M c o o r 1 oc- A So fr u ic th a ( U E . g A y . p R t . ) A O f t r h ic e a r i Total 2 A t l r u i a a s - - ot A he ll r 8 ville) 1959 324 i 24 9 15 180 3 1? 2 56 18 21 I960 806 2 19 7 24 150 3 11 3 69 28 24 1961 31,528 4 114 10 34 145 6 to 13 85 29 27 1962 1,740 3 70 9 41 80 2 to 26 r137 41 r57 1963—Jan 1.697 4 75 11 43 73 2 9 21 r121 38 r53 Feb 1,691 8 80 13 43 70 1 1? 21 r131 39 r57 Mar I 751 13 81 14 40 69 2 13 19 r133 44 r55 Apr 1,876 15 73 15 40 70 2 n 17 r131 44 r55 May 1,896 14 69 16 38 75 r83 2 7 i^ 18 r48 48 42 6 1,869 16 66 14 40 73 r88 1 ^ 14 25 r44 47 41 6 July 1,872 17 52 16 38 69 r78 2 1 14 20 r42 47 41 6 Aug 1,793 16 51 13 40 73 r83 1 ? n 26 r41 50 43 6 Sept 1,862 16 56 11 43 69 88 2 1 14 29 42 51 44 7 Oct 1.876 13 63 8 44 72 82 1 ? 15 27 36 56 49 8 Nov 1 995 26 74 g 45 73 97 1 16 27 51 52 44 8 Dec p........ 2,137 25 113 8 52 71 104 1 1 1*> 28 59 58 48 9 1964—Jan.? 2,223 28 129 9 52 80 104 1 2 15 25 61 55 47 8 1 Not reported separately until May 1963. 8 Until May 1963 includes also African countries other than Congo 2 Includes Africa until May 1963 (Leopoldville), South Africa, and U.A.R. (Egypt). 3 Includes $58 million reported by banks initially included as of Dec. 1961, of which $52 million reported for Japan. NOTE.—Short-term claims are principally the following items payable 4 Until May 1963 includes Eastern European countries other than on demand or with a contractual maturity of not more than 1 year: loans U.S.S.R., Czechoslovakia, Poland, and Rumania. made to and acceptances made for foreigners; drafts drawn against 5 Czechoslovakia, Poland, and Rumania only until May 1963. foreigners where collection is being made by banks and bankers for 6 Bolivia, Dominican Republic, El Salvador, and Guatemala only until their own account or for account of their customers in the United States; May 1963. and foreign currency balances held abroad by banks and bankers and 7 Until May 1963 includes also the following Latin American Repub- their customers in the United States. Excludes convertible currencies lics: Costa Rica, Ecuador, Haiti, Honduras, Jamaica, Nicaragua, Para- held by U.S. monetary authorities. guay, and Trinidad and Tobago. See also NOTE to Table 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1964 INTL. CAPITAL TRANSACTIONS OF THE U.S. 409 4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars Payable in foreign currencies End of period Total Total O in f s f t i i c t i u a - l Lo B an a s n k t s o— Others C s t t o o i i a o n u l n l n g t e d - s c - - A f m c o a c r a c e e d c p i e t g t . a n o f n e o f c r r s es Other 2 Total f D or e e w p ig i o t n h s e it r s s F c o o s r e m f e c p i i n u m a g a r p n n l i e . t c i r g a e e o n s, v d t. Other 3 tions ! 1959 . . . 2,624 2,406 351 498 460 516 582 217 203 15 1960 3,614 3,135 290 524 482 605 1,233 480 242 238 1961 4,762 4,177 329 699 618 694 1,837 586 385 200 1961 4 4,820 4,234 329 709 622 700 1,874 586 386 200 1962 '5,163 '4,606 359 953 '642 686 1,967 557 371 186 1963—Jan '4,952 '4,429 322 845 '649 637 1,976 523 347 176 Feb '5,080 '4,534 293 853 '662 684 2,041 546 359 188 Mar ••5,115 '4,541 255 850 '671 708 2,057 575 375 200 Apr '5,306 '4,713 236 824 '686 731 2,235 '594 383 211 May '5,343 '4,748 '171 790 '680 741 2,049 316 595 389 152 54 June '5,526 '4,834 142 884 '680 733 2,028 367 '692 '461 176 '54 July '5,463 '4,827 136 842 '693 740 2,035 '381 636 401 176 58 Aug '5,429 '4,797 166 891 '702 733 1,956 '349 631 407 170 55 Sept 5,430 4,828 177 848 713 757 2,024 310 602 404 148 49 Oct 5,563 4,871 153 869 710 772 2,027 341 691 462 174 55 Nov 5,746 5,110 201 966 760 800 2,040 345 636 429 156 51 Dec.*> 5,905 5,281 188 972 762 831 2,193 335 624 428 153 42 1964—Jan.*> 6,093 5,451 192 1,047 798 862 2,236 317 642 394 204 43 1 Includes central banks. 4 These figures reflect the inclusion of data for banks initially included 2 Until May 1963 includes acceptances made for account of foreigners. s of Dec. 31, 1961. 3 Until May 1963 includes foreign government securities, commercial and finance paper. 5. LONG-TERM CLAIMS ON AND LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Claims End of period Payable in dollars Total Payable in liabilities Total foreign Total Loans All other currencies 1959 1,545 1960 1,698 7 1961 2,034 2 1962 '2,160 4 1963—Jan '2,149 4 Feb '2,122 4 Mar '2,133 6 Apr '2,185 11 May '12,379 '12,379 '12,345 33 29 June '2,396 '2,396 '2,361 35 35 July '2,431 '2,431 '2,395 36 45 Aug '2,472 '2,472 '2,433 39 48 Sept 2,509 2,509 2,468 41 47 Oct 2,507 2,504 2,465 39 2 47 Nov 2,567 2,565 2,529 36 2 44 Dec.*3 22,998 22,996 2,781 214 2 44 1964 Jan *> 3,031 3,029 2,819 210 2 47 1 Includes $86 million of long-term loans previously held but reported December 1963, representing in part claims previously held but not for the first time as of May 1963. reported by banks. 2 Includes $186 million reported by banks for the first time as of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

410 INTL. CAPITAL TRANSACTIONS OF THE U.S. MARCH 1964 6. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S. Gov1;. bonds and notes 1 U. s S e . c u c r o i r t p ie o s r a 2 te Foreign bonds Foreign stocks Net purchases or sales Period Intl. Foreign c P ha u s r e - s Sales c N h s a e a s t l e p e s s u o r r - c P ha u s r e - s Sales c N h s a e a s t l e p e s s u o r r - c P ha u s r e - s Sales c N ha s e a t s l e p e s s u o r r anA regional Total Official Other I960 127 225 -98 2,419 2,167 252 883 1,445 -562 509 592 -83 1961 512 532 —20 3 384 3 161 223 802 1,262 —460 596 966 —370 1962 -728 -171 -207 2.568 2.508 60 2 cm -044 702 806 — 104 1963^ 671 302 369 2,979 2,772 206 991 2,086 -1,095 696 644 51 1963—Jan 127 21 106 215 202 12 56 314 -258 59 59 * Feb —44 —6 —38 183 190 —7 61 214 -153 51 59 -9 Mar 45 40 5 177 176 84 186 -102 60 73 -13 Apr 12 7 5 273 235 38 121 181 60 66 74 — 7 May 206 101 105 127 —21 310 239 71 144 409 -265 67 87 -20 22 —8 30 31 — 1 354 342 12 '57 '157 '-100 59 '61 '-2 July — 10 —7 5 -12 208 192 16 75 '117 '-41 55 79 -24 Aug 142 105 37 43 -6 '225 207 '18 '45 110 '-65 42 43 -1 Sept 83 —4 87 82 5 239 '236 4 '228 232 ' 4 44 23 21 Oct 8 3 14 -9 261 272 -11 50 43 7 60 31 29 Nov 105 61 44 43 1 258 227 31 29 61 -32 70 28 42 Dec.** -25 -14 -11 -6 -5 276 253 23 40 62 -22 63 28 34 1964—Jan.p -5 -48 43 27 17 309 296 13 40 37 3 77 45 32 1 Excludes nonmarketable U.S. Treasury bonds and notes held by NoTE.-yStatistics include transactions of international and regional official institutions of foreign countries; see Table 7. organizations. 2 Includes small amounts of State and local govt. securities. See also NOTE to Table 1. 7. NONMARKETABLE U.S. TREASURY BONDS AND NOTES HELD BY OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES (In millions of dollars) Payable in foreign currencies Payable in dollars End of period Total Austria Belgium Germany Italy Switzerland Total Canada Italy Sweden 1962—Dec 251 200 51 1963—Feb 481 200 200 81 183 125 58 Mar 481 200 200 81 183 125 58 Apr 551 25 200 200 126 183 125 58 May 605 25 30 200 200 150 183 125 58 605 25 30 200 200 150 183 125 58 July 655 25 30 225 200 175 208 125 58 25 705 25 30 275 200 175 163 125 13 25 Sept 705 25 30 275 200 175 163 125 13 25 Oct 705 25 30 275 200 175 163 125 13 25 Nov 705 25 30 275 200 175 163 125 13 25 Dec 730 50 30 275 200 175 163 125 13 25 1964 Jan 730 50 30 275 200 175 160 125 10 25 Feb 730 50 30 275 200 175 160 125 10 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1964 INTL. CAPITAL TRANSACTIONS OF THE U.S. 411 8. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY (In millions of dollars) Type of security Country or area Period Total Stocks Bonds France S l z a w e n r i d t - - U K d n i o n i m t g ed - E O u t r h o e p r e E T u o r t o a p l e Canada A L m i a c t a e in r- Asia Africa i O c tr o t i u h es n e r - 2 re I g a n i n o t d n l. al 1960 252 202 50 38 171 -48 72 234 -45 36 13 1I 14 1961 223 323 -99 21 166 -17 61 232 -112 44 44 12 1062 60 111 -51 4 129 24 124 -43 -20 -18 17 1963^ 206 197 9 -8 -14 206 15 199 -47 14 17 1 22 1963—Jan... 12 3 9 -1 4 4 4 1 1 4 2 Feb... -7 -9 2 -^10 7 -7 • • > 1 Mar... * • • -1 -2 11 ~3 * * 38 37 1 • -4 43 -5 33 -5 3 4 3 M^yi! 71 60 10 * 39 4 45 12 6 6 4 1 J J u ul n y e . .. . 1 1 2 6 2 8 1 r_9 8 -4 -7 • 2 3 0 2 -3 1 2 1 1 9 - - 1 4 2 • -4 1 i 2 D S N A O e e o u c p c v t g . t . . . . P . . . . . . . . . -1 r1 2 3 1 4 8 3 1 - '1 8 2 3 1 1 1 8 6 - - - 7 7 3 2 1 - - - 2 1 1 3 * -10 2 8 6 3 2 1 2 9 2 8 5 -5 4 6 7 1 -2 3 1 1 1 6 3 1 7 - - - 1 1 6 4 1 2 - - 1 4 • 5 1 2 1 1 1 1 t i 1 i t 2 2 2 2 2 1964—Jan. P. 13 4 9 -2 -2 -16 8 -12 11 10 t 1 1 Not reported separately until May 1963 NOTE.—Statistics include small amounts of State and local govt. securi- 2 Yearly figures and monthly figures until May 1963 include Africa. ties. 9. NET PURCHASES OR SALES BY FOREIGNERS OF LONG-TERM 10. DEPOSITS, U.S. GOVT. SECURITIES, AND FOREIGN SECURITIES, BY AREA GOLD HELD AT F.R. BANKS FOR FOREIGNERS (In millions of dollars) (In millions of dollars) Total Assets in custody Period Total g I i a r o n n e n t d - l a . l c t e f o r o i u g i r e n n - s - r E o u p - e C a a d n a - A L i m a c t a e in r- Asia Africa* O c tr o t i u e h s n e r - 2 E pe n r d io o d f Deposits U se . c S u . r G iti o es v t * . Ear g m o a ld rked 1960 . -645 -147 -498 -117 -196 -107 -41 -36 1959 345 4,477 9,861 1961 -830 1 832 -262 -318 -58 -121 -73 I960 217 5,726 11,843 1962 -1 048 -235 -813 -188 -360 -41 -175 -50 1961 279 6.006 11.905 -1,044 -96 -949 -49 -614 -26 -252 -8 1962 247 6,990 12,700 1963—Jan . -258 -35 -224 -3 -197 -12 -12 -1 1963—Feb... 192 7,079 12,836 Feb . -162 6 -167 -4 -125 -3 -34 * Mar... 201 7,277 12,789 A M p a r r.... . - - 1 6 1 7 5 - - 2 6 9 2 - - 8 5 6 -4 3 3 7 -27 1 1 - - 1 1 3 9 1 A M p a r y . .. 1 1 7 6 1 0 7 7 , , 4 8 7 8 8 6 1 12 2 , , 8 8 7 1 8 5 J M un a e y.... . -284 2 -287 r_ -2 2 4 4 -2 -4 0 2 7 n - - 5 4 7 1 -31 * J J u u n ly e . . . . 1 1 7 8 5 2 7 7 , , 9 7 5 3 7 3 1 1 3 2, , 9 0 1 8 7 6 J A u u l g y .. . . . . . . r- - 6 6 6 5 8 1 '- - 6 7 7 3 2 -2 -6 9 -36 - - 3 3 6 4 * 2 1 A Se u p g t . . . . . . 1 1 7 7 7 4 7 7 , , 8 9 5 4 6 5 1 1 3 3 , , 1 1 2 3 9 2 Sept rl6 r15 -16 16 20 4 1 Oct... 175 8,241 13,025 Oct 36 \ 31 10 28 2 -10 * 2 Nov... 165 8,343 13,048 Nov 10 2 8 2 -5 * i Dec... 171 8,675 12,954 1964— D Ja e n c . . ? p ' . . . . . . 3 1 5 2 2 3 1 2 0 2 1 4 6 -2 16 1 1 - - 1 1 1 0 6 * * 1 1964— F J e a b n . . . . . . . 1 1 5 3 5 6 8 8, . 7 7 3 4 1 0 1 1 2 2 . , 8 8 9 8 9 4 1 1 "Mot reported separately until May 1963. 1 U.S. Treasury bills, certificates of indebtedness, 2 Yearly figures and monthly figures until May 1963 include Africa. notes, and bonds; includes securities payable in foreign currencies. NOTE.—Excludes deposits and U.S. Govt. securities held for international organizations. Earmarked gold is gold held for foreign and international accounts (for back figures, see "Gold" Section 14, Supplement to Banking and Monetary Statistics, 1962). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

412 INTL. CAPITAL TRANSACTIONS OF THE U.S. MARCH 1964 11. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS (End of period; in millions of dollars) Liabilities to foreigners Claims on foreigners Area and country 1962 1963 1962 1963 IV1 HIP IV i Ii Europe: Austria 2 2 2 2 2 6 5 5 5 6 Belgium 21 18 18 20 23 24 24 24 27 26 Denmark 3 2 2 3 6 6 7 5 Finland 1 1 1 1 1 3 4 4 3 3 France 32 31 31 32 31 51 59 59 50 48 Germany, Fed. Rep. of 33 36 36 33 35 117 114 114 106 106 Greece 1 1 1 2 2 5 6 6 6 7 Italy 28 29 29 30 26 78 82 82 83 95 Netherlands 33 46 46 50 56 31 24 24 34 30 Norway 10 12 12 13 13 15 15 15 15 16 Portugal 1 1 1 6 8 8 7 7 Spain 9 7 7 6 20 25 25 23 26 Sweden 7 8 8 7 15 17 17 20 19 Switzerland 24 26 26 27 40 28 28 28 36 30 Turkey 4 4 4 4 5 4 6 6 5 6 United Kingdom 94 109 110 118 127 238 192 196 201 222 Yugoslavia 4 4 4 3 3 3 3 3 3 3 Other Western Europe 2 1 1 1 2 3 5 4 4 3 4 U.S.S.R 1 1 1 Other Eastern Europe 3 1 2 2 2 Total. 309 339 341 356 384 660 625 629 639 664 Canada 63 64 59 62 752 789 830 918 887 Latin America: Argentina 9 6 6 6 6 34 31 31 30 29 Brazil 17 17 18 18 20 106 108 108 103 112 Chile 4 3 3 4 4 25 25 25 26 23 Colombia 4 3 3 5 5 15 17 18 20 22 Cuba 1 * * 6 6 6 6 6 Mexico 6 6 6 10 6 57 58 58 56 53 Panama 25 5 5 11 17 13 13 13 14 13 Peru 8 9 9 4 3 20 14 14 19 20 Uruguay 1 1 1 3 4 6 7 7 5 4 Venezuela 24 23 23 27 25 33 33 33 37 38 Other L.A. Republics * 6 3 3 11 11 20 22 22 38 41 Bahamas and Bermuda 5., 3 6 11 12 Neth. Antilles & Surinam. 5 8 9 9 6 7 7 9 10 Other Latin America 6 20 15 15 2 2 45 41 41 11 8 Total 129 101 101 113 118 386 382 382 383 390 Asia: China Mainland. 2 2 2 Hong Kong 2 2 2 4 4 4 3 4 India 11 8 16 15 39 50 50 49 42 Indonesia 2 2 2 2 3 3 3 4 5 Israel 2 1 2 1 10 7 7 7 7 Japan 52 46 46 43 29 123 124 127 142 133 Korea 3 3 3 3 1 4 4 4 4 4 Philippines 3 4 4 5 7 11 10 10 11 11 Taiwan * * * 1 3 5 5 6 3 Thailand 4 4 4 4 1 5 5 5 5 4 Other Asia 16 16 16 19 21 33 39 39 44 42 Total. 97 90 90 99 236 251 255 275 255 Africa: Congo (Leopoldville). . . 1 | 1 Morocco 5 South Africa 12 6 11 12 10 9 9 9 U.A.R. (Egypt) 1 9 10 10 12 12 15 12 Other Africa 5 14 10 15 18 Total 5 35 33 41 42 Other countries : Australia 11 10 10 13 18 24 26 26 28 28 All other ? 13 13 13 4 6 26 27 27 7 Total § 37 30 30 24 74 77 77 35 35 International and regional. 1 1 1 3 2 Grand total 653 624 626 679 703 2,109 2,125 2,175 2,295 2,275 1 Includes data for a number of firms reporting for the first time on 7 Until June 1963 includes also African countries other than Congo Dec. 31,1962 (6th revised series) and on Mar. 31, 1963 (7th revised series). (Leopoldville), South Africa, and U.A.R. (Egypt). 2 Until June 1963 includes Eastern European countries other than 8 Includes Africa until June 1963. U.S.S.R., Czechoslovakia, Poland, and Rumania. NOTE.—Reported by exporters, importers, and industrial and com- 3 Czechoslovakia, Poland, and Rumania only until June 1963. mercial concerns in the United States. Data exclude claims held through 4 Bolivia, Dominican Republic, El Salvador, and Guatemala only U.S. banks, and intercompany accounts between U.S. companies and until June 1963. their foreign affiliates. 5 Not reported separately until June 1963. See also NOTE to Table 1. 6 Until June 1963 includes also the following Latin American Republics: Costa Rica, Ecuador, Haiti, Honduras, Jamaica, Nicaragua, Paraguay, and Trinidad and Tobago. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1964 U.S. BALANCE OF PAYMENTS 413 U.S. BALANCE OF PAYMENTS (In millions of dollars) 1962 1963 Item 1960 1961 1962 III IV III* A. Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets, and other than special U.S. Govt. transactions— Seasonally adjusted Exports of goods and services—Total * , 26,974 28,311 29,790 7,610 7,550 7,424 7,447 7,891 7,991 Merchandise 19,459 19,913 20,479 5,262 5,270 4,925 4,998 5,481 5,539 Military sales 335 402 660 190 141 216 181 203 176 Investment income receipts, private 2,873 3,464 3,850 940 946 1,060 1,063 964 1,003 Investment income receipts, Govt 349 380 472 144 105 114 124 125 125 Other services 3,958 4,152 4,329 1,074 1,088 1,109 1,081 1,118 1,148 Imports of goods and services—Total. -23,205 -22,867 -24,964 -6,222 -6,282 -6,341 -6,257 -6,435 -6,681 Merchandise -14,723 -14,497 -16,145 -4,030 -4,127 -4,046 -4,002 -4,170 -4,404 Military expenditures -3,048 -2,934 -3.028 -748 -732 -794 -748 -725 -707 Investment income payments -939 -882 -995 -245 -245 -265 -276 -285 -299 Other services -4,495 -4,554 -4,796 -1,199 -1,178 -1,236 -1,231 -1,255 -1,271 Balance on goods and services1 3,769 5,444 4,826 1,388 1,268 1,083 1,190 1,456 1,310 Remittances and pensions -672 -705 -736 -182 -176 -187 -212 -209 -193 1. Balance on goods, services, remittances and pensions 3,097 4,739 4,090 1,206 1,092 896 978 1,247 1,117 2. U.S. Govt. grants and capital flow, net, excluding advance debt repayments2 -2,775 -3,370 -3,520 -853 -849 -911 -876 -1,186 -744 Grants 3,4 -1,664 -1,854 -1,903 -466 -434 -466 -440 -515 -450 Long-term loans and subscriptions 4 -1,213 -1,941 -2,133 -507 -486 -660 -563 -620 -440 Change in foreign currency holdings and short-term claims, net (increase, —) 2,4 -527 -261 -248 -154 -74 28 -50 -260 -20 Seasonal adjustment on three preceding items combined 46 -50 14 -5 54 -63 Change in associated liabilities 41 80 147 44 65 25 31 -1 46 Scheduled loan repayments 588 606 617 184 130 148 151 156 183 3. Private capital flows, net, excluding foreign liquid assets in U.S -3,552 -3,507 -3,118 -819 -708 -902 -953 1,461 -451 U.S. direct investments abroad -1,694 -1,598 -1,557 -506 -359 -493 -501 -488 -276 U.S. long-term capital, other -850 -1,011 -1,209 -329 -188 -335 -512 -616 -289 Foreign long-term investments in U.S 430 466 271 66 -10 20 -9 203 83 U.S. short-term capital -1,348 -1,541 -507 1 -164 -39 87 -623 28 Foreign short-term capital 5. -90 177 -116 -51 13 -55 -18 63 3 4. Errors and unrecorded transactions. -683 -905 -1,025 -37 -469 -122 142 -334 -492 Balance of A (= 1+2+3+4) -3,913 -3,043 -3,573 -503 -934 -973 1,258 -412 Less: Net seasonal adjustments -129 337 1,409 -176 -66 337 Balance of A before seasonal adjustment. -3^573 -374 -1,271 -95 -797 1,192 -749 1,314 B. Changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets, and special U.S. Govt. transactions—Not seasonally adjusted Total 3,913 3,043 3,573 374 1,271 1,314 797 1,192 749 Advance repayments on U.S. Govt. loans 6. 48 668 666 53 471 142 25 34 237 Advances on U.S. military exports, net.. . . -16 5 470 -2 107 223 20 -5 14 Sales of nonconvertible nonmarketable securities,7 net 251 251 63 -10 -95 Dollar securities 58 8 19 -45 Foreign currency securities l5\ 251 5 -29 -50 Sales of convertible nonmarketable securities, 7 net. 550 152 175 Dollar securities 125 25 Foreign currency securities 225 152 150 Change in U.S. short-term liabilities reported by U.S. banks9 and foreign holdings of marketable U.S. Govt. bonds and notes 1,738 1,764 653 486 -188 309 307 897 192 International and regional organizations 10 637 407 213 -2 -107 109 -64 -48 -19 Foreign private holders excluding banks 11 -152 81 134 269 -137 -42 74 115 97 Foreign commercial banks 104 595 -147 -243 -214 -132 384 75 -34 Foreign official holders 1,149 681 453 462 270 374 -87 755 148 Change in U.S. monetary reserve assets (increase,—).. 2,143 606 1,533 -163 881 389 32 124 226 IMF position 441 -135 626 44 331 14 -46 2 59 Convertible currencies -116 17 -324 104 351 -33 6 -28 Gold 1,702 857 890 117 446 24 111 116 195 1 Excludes military transfers under grants. 8 Certificates sold abroad by Export-Import Bank. 2 Includes also very small amounts of changes in "misc. Govt. non- 9 Includes official liabilities. liquid liabilities." 10 Includes, for International Monetary Fund, only changes in its 3 Includes military grants. holdings of income-earning U.S. Govt. securities. 4 Not seasonally adjusted separately. 1! Including undetermined holders. s Other than foreign liquid assets in U.S. 6 Includes sell-offs. NOTE.—Dept. of Commerce data. Minus sign indicates net payments 7 With maturities over 12 months. (debits); absence of sign indicates net receipts (credits) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

414 FOREIGN TRADE; MONEY RATES MARCH 1964 MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars, seasonally adjusted) Exports ! Imports 2 Export surplus Period 1961 1962 1963 1964 1961 1962 1963 1964 1961 1962 1963 1964 Month: Jan 1 623 1,668 985 2,037 1,161 1,327 1,092 1,430 462 341 — 107 607 Feb 1.712 1,809 2,118 1,150 1,320 1,497 562 489 621 Mar I 751 1,672 1,960 1,163 1,342 1 487 588 330 473 Apr 1,662 1,795 1,913 1,152 1,365 1,417 510 430 496 M^ay I 585 1,762 1,893 1,153 1,404 1 420 432 358 473 June 31,582 1,836 1,785 31,174 1,351 1,421 3 408 485 364 July 31,689 1,748 1,823 31,379 1,347 1,458 3310 401 365 Aug 689 1,703 1,895 1,254 1,346 1 508 435 357 387 Sept 1,678 1,908 1,980 1,262 1,471 1,450 416 437 530 Oct I 780 1,523 1 946 1,300 1,312 1 459 480 211 487 Nov ,733 1,725 1,945 1,309 1,425 1,472 424 300 473 Dec .725 1,839 2,049 1,315 1,377 1,480 410 462 569 Quarter: 5 086 5,149 5,063 3,474 3,989 4 076 1 612 1 160 987 II 3 4,829 5,393 5,591 3 3,479 4,120 4,258 3 1 350 1,273 1 333 HI 3 5,056 5,359 5,698 33,895 4,164 4,416 31,161 1,195 1 282 IV 5 238 5 087 5,940 3,924 4,114 4 411 1 314 973 1 529 Year 4 20,152 20,945 22,288 14,713 16,389 17,151 5,439 4,556 5,137 1 Exports of domestic and foreign merchandise; excludes Dept. of 3 Significantly affected by strikes. Defense shipments of grand-aid military equipment and supplies under 4 Sum of unadjusted figures. Mutual Security Program. 2 General imports including imports for immediate consumption plus NOTE.—Bureau of the Census data. entries into bonded warehouses. OPEN MARKET RATES (Per cent per annum) Canada United Kingdom France Germany Netherlands Sw la i n tz d er- Month 3 T m r b e o i a l n s ls u t , h r s y * D m a o d y n a - y e t y o 2 - 3 B a a m a c n n c o c k e e n p e s t t r , h - s s ' 3 T r m b e i a o l s l n s u t , r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n a s e i n r t ' c s s e m Da o d y n a - e y t y o 3 - Tr 6 d b e 0 a i a l - y s l 9 s s u 0 , 4 ry D m a o d y n a - y e t y o 5 - 3 T r m b e i a o l s l n s u t , r h y s D m a d o y a n - y e to y - d P is r r i c a v o t a e u t n e t 1961—Dec 2.82 2.37 5.61 5.35 4.83 4.00 3.58 2.00 3.06 .32 1.11 2.00 1962—Dec 3.88 3.75 3.86 3.64 3.30 2.50 3.51 2.63 3.50 .98 1.24 2.00 1963—Jan 3.82 3.68 3.69 3.51 2.85 2.04 3.39 2.63 2.50 .93 1.66 2.00 Feb 3.68 3.52 3.63 3.45 2.82 2.00 3.45 2.63 2.94 .67 1.00 2.00 Mar 3.63 3.55 3.70 3.55 2.82 2.00 3.43 2.63 3.50 .88 1.27 2.00 Apr 3.58 3.60 3.88 3.71 2.84 2.00 3.92 2.63 3.06 .91 1.62 2.00 May 3.33 3.33 3.88 3.67 2.92 2.00 3.91 2.63 2.94 .96 1.58 2.00 June 3.23 2.89 3.84 3.69 2.88 2.00 4.76 2.63 3.88 .87 1.14 2.00 July 3.39 2.91 3.87 3.77 2.98 2.00 5.26 2.63 3.44 1.07 1.92 2.00 Aug 3.64 3.12 3.85 3.71 2.97 2.00 4.10 2.63 2.69 .78 1.06 2.00 Sept 3.69 3.14 3.88 3.69 3.00 2.00 3.13 2.63 2.94 .89 1.24 2.00 Oct 3.57 2.99 3.86 3.67 2.98 2.00 3.64 2.63 2.88 .95 1.11 2.00 Nov 3.64 3.22 3.91 3.75 3.02 2.00 4.14 2.63 2.75 1.10 L14 2.00 Dec 3.71 3.55 3.91 3.74 3.00 2.00 4.66 2.63 2.56 1.25 1.61 2.00 1964—Jan 3.76 3.51 3.91 3.72 3.03 2.00 4.13 2.63 2.69 1.31 1.67 2.00 1 Based on average yield of weekly tenders during month. 5 Based on average of lowest and highest quotation during month. 2 4 3 R R Ba a a s t t e e e d i s n h o o n e w f f w e n c e t i e s k a l o t y n e a n p v d r e i r v o a a f g t e m e s s o o e n c f t u h d r . a it i i l e y s . closing rates. F 19 in N 6 a 2 O n . T c E e, . " — S F e o c r t io d n e sc 1 r 5 ip o ti f o n Su p o p f l e r m a e te n s t t a o n d B a b n a k c in k g d a a n t d a , M s o e n e e ta "I r n y ter S n ta a t t i i s o ti n c a s l . Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1964 MONEY RATES 415 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Rate as of Changes during the last 12 months Feb. 28, 1963 Rate Country 1963 1964 as of Feb. 29, Per Month 1964 cent effective Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. 6 0 Dec. 1957 6.0 5 0 Mar. I960 4.5 4.5 3 5 Dec. 1962 4.0 4.25 4.25 Brazil 10 0 Apr. is>58 10.0 4 0 Feb. 1962 4.0 4 0 Nov. 1962 3.5 4.0 4.0 Ceylon . .. ...... 4 0 4ug JQ60 4.0 Chile 2 14.20 Jan. 1963 ii.ii 14.21 Colombia 5 0 Aug. is>59 8.0 8.0 Costa Rica 3 0 Apr. 1939 3.0 Cuba 6 0 Jan. I960 6.0 Denmark • 6 5 May 1961 6.0 5.5 5.5 5 0 Nov 1956 5.0 5 0 May 1962 5.0 6 0 June 1961 6.0 Finland ....»>... 7 0 Apr. 1962 7.0 3 5 Oct 1960 4.0 4 0 Germanv 1 0 Mav 1061 3.0 Greece • 5.5 Jan. 1963 5.5 3 0 Jan. 1962 3.0 9 0 rvc. '9*0 9.0 India 4 4.5 Jan. 1963 4.5 Indonesia • • 3 0 \.pr. 1946 9.0 9.0 6 0 4.0 4 n Ireland 3.69 Feb. 1963 4.03 3.88 3.95 3.94 3.98 3.94 3.94 Israel ...... 6 0 Feb. 1955 6.0 Italy 3 5 June 1958 3.5 Japan • 6 57 Nov. 1962 6.21 5.84 5.84 Mexico 4 5 I'me «Q42 4.5 3.5 Jan. 1963 4.0 4.0 New Zealand 7 0 Mar. 1961 7.0 Nicaragua ••>.. 6 0 Apr. 1954 6.0 3 5 Feb. 1955 3.5 Pakistan 4 0 Jan. 1959 4.0 Peru 9 5 Nov. 1959 9.5 Philippine Republic 5 6 0 Jan. 1962 6.0 Portugal . ........ 2 0 Jan. 1944 2.0 South Africa ... . 3 5 Nov. 1962 3.5 Spain 4 0 J.me «<M»1 4.0 3.5 Jan. 1963 4.0 4.5 4.5 2 0 Feb 195^ 2.0 Thailand 7 0 Feb. 1945 7.0 Turkey 7 5 May IQ61 7.5 United Kingdom 4.0 Jan. 1963 5.0 5.0 Venezuela 4 5 Dec. 1960 4.5 1 On June 24, 1962, the bank rate on advances to chartered banks the largest proportion of its credit operations. Other rates for some of was fixed at 6 per cent Rates on loans to money market dealers will these countries follow: continue to be .25 of I per cent above latest weekly Treasury bill tender Argentina—3 and 5 per cent for certain rural and industrial paper, deaverage rate but will not be more than the bank rate. pending on type of transaction; 2 Beginning with Apr. 1, 1959, new rediscourts have been granted at Brazil—8 per cent for secured paper and 4 per cent for certain agricultural the average rate charged by banks in the previous half year. Old redis- paper; counts remain subject to old rates provided their amount is reduced by one-eighth each month beginning with May 1, 1959, but the rates are Colombia—5 per cent for warehouse receiDts covering approved lists of raised by 1.5 per cent for each month in which the reduction does not products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent occur. for rediscounts in excess of an individual bank's quota; 3 Rate shown is for advances only. Costa Rica—5 per cent for paper related to commercial transactions • Rate applies to advances against commercial paper as well as against (rate shown is for agricultural and industrial paper); jgovt. securities and other eligible paper. Cuba—5.5 per cent for sugar loans and 5 per cent for loans secured by national public securities; 5 Beginning with June 1, 1962, the rediscount rate for commercial bank loans financing the purchase of surplus agricultural commodities Ecuador—6 per cent for bank acceptances for commercial purposes; under U.S. Law 480 was reduced from 6 to 3 per cent; and on Aug. 22, Indonesia—various rates depending on type of paper, collateral, com- 1962, the rediscount rate for commercial bank financing of 9 categories modity involved, etc.; of development loans was reduced from 6 to 3 per cent. Japan—penalty rates (exceeding the basic rate shown) for borrowings from the central bank in excess of an individual bank's quota; NOTE.— Rates shown are mainly those at which the central bank either discounts or makes advances against eligible commercial paper and/or Peru—8 per cent for agricultural, industrial and mining paper; and govt. securities for commercial banks or brokers. For courtries with Venezuela—4 per cent for rediscounts of certain agricultural paner and more than one rate applicable to such discounts or advances, the rate for advances against govt. bonds or gold and 5 percent on advances shown is the one at which it is understood the central bank transacts ag ainst securities of Venezuelan companies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

416 FOREIGN EXCHANGE RATES MARCH 1964 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Argentina (peso) Aus- Period (p tr o a u l n ia d) (s A ch u i s l t l r in ia g) B ( e fr l a g n iu c m ) C (d a o n l a la d r a ) C (r e u y p l e o e n ) D ( e k n ro m n a e r ) k ( F m i a n r l k an k d a) F (f r r a a n n c c e ) Official Free 1958 5.556 2.207 223.88 3.8536 2.0044 103.025 21.049 14.482 .3118 .2374 1959 1.2730 223.81 3.8619 2.0012 104.267 21.055 14.508 .3115 2038 I960 1.2026 223.71 3.8461 2.0053 103.122 21.048 14.505 .3112 20.389 1961 1.2076 223.28 3.8481 2.0052 98.760 21.023 14.481 3110 20 384 1962 .9080 223.73 3.8685 2,0093 93.561 21.034 14.490 .3107 20 405 1963 .7245 223.10 3.8690 2.0052 92.699 21.015 14.484 131.057 220.404 1963—Feb .7422 223.38 3.8676 2.0073 92.777 21.011 14.480 31.057 20.405 Mar .7362 223.16 3.8681 2.0049 92.746 21.005 14.492 31.057 20.405 Apr ... .... .7252 223.16 3.8676 2.0058 92.851 21.014 14.491 31.055 20 405 May .7266 223.08 3.8677 2.0055 92.810 21.014 14.477 31.057 20.405 June .7265 223.12 3.8702 2.0036 92.722 21.015 14.490 31.057 20.405 July .7309 223.17 3.8719 2.0038 92.598 21.015 14.488 31.057 20.405 .7439 223.07 3.8712 2.0039 92.325 21.010 14.470 31.056 20.405 Sept .7034 222.92 3.8706 2.0037 92.590 21.019 14.485 31.057 20 404 Oct .6767 222.93 3.8686 2.0026 92.757 21.015 14.479 31.057 20.400 .6942 222.93 3.8659 2.0059 92.11% 21.021 14.484 31.057 20.405 Dec .7391 222.83 3.8690 2.0067 92.629 21.019 14.489 31.059 20 404 1964 Jan .7514 222.97 3.8702 2.0071 92.551 21.025 14.471 31.063 20 402 Feb .7582 222.86 3.8681 2.0068 92.575 21.021 14.457 31.068 20.403 Period ( G d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e) ( I p re o l u a n n d d ) ( I l t i a r l a y ) J ( a y p e a n n ) ( M do a s l i l a l a a y r - ) M (p e e x s i o c ) o ( e g N r u l e i a l t n d h d e - s r) Z (p e N o a u e la w n n d d ) 1958 23.848 21.048 280.98 .16006 .27791 32.767 8.0056 26.418 278.19 1959 23.926 21.031 280.88 .16099 .27781 32.857 8.0056 26.492 278.10 I960 23.976 20.968 280.76 .16104 .27785 32.817 8.0056 26 513 277 98 1961 24.903 20.980 280.22 .16099 .27690 32.659 8.0056 27.555 277.45 1962 25.013 21.026 280.78 .16107 .27712 32.757 8.0056 27 755 278 00 1963 25.084 20.966 280.00 .16087 .27663 32.664 8.0056 27.770 277.22 1963—Feb 24.985 20.984 280.34 .16102 .27892 32.717 8.0056 27.773 277.56 Mar 25.023 20.963 280.06 .16102 .27886 32.633 8.0056 27 808 277 29 Apr 25.045 20.964 280.07 .16100 .27716 32.594 8.0056 27 828 277 30 May 25.090 20.962 279.96 .16097 .27582 32.586 8.0056 27.815 277.19 June 25.121 20.965 280.02 .16081 .27563 32.595 8.0056 27.780 277.25 July 25.109 20.968 280.08 .16086 .27550 32.648 8.0056 27.755 277.31 Aug 25.101 20.962 279.96 .16102 .27554 32.647 8.0056 27.712 277.19 Seot 25.121 20.951 279.77 .16078 .27589 32.645 8.0056 27.721 277 00 Oct 25.137 20.961 279.78 .16062 .27603 32.698 8.0056 27.749 277.01 Nov 25.154 20.961 279.78 .16065 .27586 32.705 8.0056 27 765 277 01 Dec 25.165 20.954 279.65 .16065 .27564 32.697 8.0056 27.765 276 88 1964 Jan 25.148 20.963 279.83 .16065 .27589 32.706 8.0056 27.753 277.06 Feb 25.169 20.959 279.69 .16063 .27567 32.694 8.0056 27.733 276.92 Period N (k o r r o w n a e y ) R P ( e p p h p e i i u n l s i b e o p l ) - ic (e P s o g c r u a t l d u o - ) (pou S n o d u ) th Afr ( i r c a a nd) (p S e p s a e i t n a) S (k w ro ed n e a n ) z ( e f S r r w a la n i n t c - d ) ( U p K d o n i o u n i m t n g e d - d ) 1958 14.008 49.695 3.4900 279.93 2.3810 19 328 23 328 280 98 1959 14 028 49 721 3.4967 279.83 2 0579 19 324 23 142 280 88 I960 14.018 49.770 3.4937 279.71 1.6635 19.349 23.152 280 76 1961 . . . 14.000 3.4909 279.48 139.57 1.6643 19.353 23.151 280.22 1962 14 010 3.4986 139 87 1 6654 19 397 23 124 280 78 1963 13.987 3.4891 139.48 1.6664 19.416 23.139 280.00 1963—Feb 13.995 3.4900 139.64 1.6664 19.290 23.123 280 34 Mar 13.995 3.4901 139.51 1.6661 19.264 23.102 280.06 Apr 13.999 3.4901 139.51 1.6663 19 251 23 099 280 07 May 13 995 3.4900 139 46 1 6663 19 267 23 127 279 96 June 13.997 3.4900 139.49 1.6663 19.286 23.125 280.02 July 13.993 3.4900 139.52 1.6663 19.302 23.129 280.08 Aug 13.985 3.4893 139.46 1.6664 19.266 23.164 279.96 Sept 13.971 3.4881 139.36 1.6664 19.268 23.171 279.77 Oct 13 971 3.4863 139 37 1 6664 19 250 23 171 279 78 Nov 13.970 3.4875 139.37 1.6665 19.262 23.166 279.78 Dec 13.972 3.4874 139.30 1.6666 19.250 23.170 279.65 1964—Jan 13.969 3.4861 139.39 1 6665 19 272 23 168 279 83 Feb 13.962 3.4848 139.32 1.6664 19.290 23.122 279.69 1 A new markka, equal to 100 old markkaa, was introduced on Jan. 1, NOTE.—Averages of certified noon buying rates in New York for 1963. cable transfers. For description of rates and back data, see "International 2 Effective Jan. 1, 1963, the franc again became the French monetary Finance," Section 15 of Supplement to Banking and Monetary Statistics. unit. It replaces, at a 1 to 1 ratio, the new franc introduced Jan. 1, 1960. 1962. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS of the Federal Reserve System WM. MCC. MARTIN, JR., Chairman C. CANBY BALDERSTON, Vice Chairman A. L. MILLS, JR. CHAS. N. SHEPARDSON GEORGE W. MITCHELL J. L. ROBERTSON J. DEWEY DAANE RALPH A. YOUNG, Adviser to the Board GUY E. NOYES, Adviser to the Board CHARLES MOLONY, Assistant to the Board ROBERT L. CARDON, Legislative Counsel CLARKE L. FAUVER, Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF EXAMINATIONS MERRITT SHERMAN, Secretary FREDERIC SOLOMON, Director KENNETH A. KENYON, Assistant Secretary GLENN M. GOODMAN, Assistant Director ELIZABETH L. CARMICHAEL, Assistant Secretary BRENTON C. LEAVITT, Assistant Director ARTHUR L. BROIDA, Assistant Secretary KARL E. BAKKE, Assistant Secretary JAMES C. SMITH, Assistant Director ANDREW N. THOMPSON, Assistant Director LEGAL DIVISION LLOYD M. SCHAEFFER, Chief Federal Reserve HOWARD H. HACKLEY, General Counsel Examiner DAVID B. HEXTER, Assistant General Counsel THOMAS J. O'CONNELL, Assistant General Counsel DIVISION OF PERSONNEL ADMINISTRATION JEROME W. SHAY, Assistant General Counsel WILSON L. HOOFF, Assistant General Counsel EDWIN J. JOHNSON, Director DIVISION OF RESEARCH AND STATISTICS H. FRANKLIN SPRECHER, JR., Assistant Director DANIEL H. BRILL, Director ROBERT C. HOLLAND, Associate Director DIVISION OF ADMINISTRATIVE SERVICES ALBERT R. KOCH, Associate Director FRANK R. GARFIELD, Adviser JOSEPH E. KELLEHER, Director J. CHARLES PARTEE, Adviser HARRY E. KERN, Assistant Director KENNETH B. WILLIAMS, Adviser LEWIS N. DEMBITZ, Associate Adviser ROBERT SOLOMON, Associate Adviser OFFICE OF THE CONTROLLER DIVISION OF INTERNATIONAL FINANCE J. J. CONNELL, Controller RALPH A. YOUNG, Director SAMPSON H. BASS, Assistant Controller J. HERBERT FURTH, Adviser A. B. HERSEY, Adviser ROBERT L. SAMMONS, Adviser OFFICE OF DEFENSE PLANNING SAMUEL I. KATZ, Associate Adviser RALPH C. WOOD, Associate Adviser INNIS D. HARRIS, Coordinator DIVISION OF BANK OPERATIONS JOHN R. FARRELL, Director DIVISION OF DATA PROCESSING GERALD M. CONKLING, Assistant Director M. B. DANIELS, Assistant Director M. H. SCHWARTZ, Director JOHN N. KILEY, JR., Assistant Director LEE W. LANGHAM, Assistant Director 418 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN MARKET COMMITTEE AND ADVISORY COUNCIL 419 Federal Open Market Committee WM. MCC. MARTIN, JR., Chairman ALFRED HAYES, Vice Chairman C. CANBY BALDERSTON A. L. MILLS, JR. HARRY A. SHUFORD J. DEWEY DAANE GEORGE W. MITCHELL ELIOT J. SWAN W. BRADDOCK HICKMAN J. L. ROBERTSON EDWARD A. WAYNE CHAS. N. SHEPARDSON RALPH A. YOUNG, Secretary J. HERBERT FURTH, Associate Economist MERRITT SHERMAN, Assistant Secretary GEORGE GARVY, Associate Economist KENNETH A. KENYON, Assistant Secretary DAVID L. GROVE, Associate Economist ARTHUR L. BROIDA, Assistant Secretary ROBERT C. HOLLAND, Associate Economist HOWARD H. HACKLEY, General Counsel HOMER JONES, Associate Economist DAVID B. HEXTER, Assistant General Counsel ALBERT R. KOCH, Associate Economist GUY E. NOYES, Economist MAURICE MANN, Associate Economist DANIEL H. BRILL, Associate Economist BENJAMIN U. RATCHFORD, Associate Economist ROBERT W. STONE, Manager, System Open Market Account CHARLES A. COOMBS, Special Manager, System Open Market Account Federal Advisory Council LAWRENCE H. MARTIN, BOSTON EDWARD B. SMITH, CHICAGO WILLIAM H. MOORE, NEW YORK JAMES P. HICKOK, ST. LOUIS WILLIAM L. DAY, PHILADELPHIA JOHN A. MOORHEAD, MINNEAPOLIS, President L. A. STONER, CLEVELAND M. L. BREIDENTHAL, KANSAS CITY JOHN F. WATLINGTON, JR., RICHMOND JAMES W. ASTON, DALLAS, Vice President J. FlNLEY MCRAE, ATLANTA RANSOM M. COOK, SAN FRANCISCO HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Assistant Secretary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

420 FEDERAL RESERVE BULLETIN • MARCH 1964 Federal Reserve Banks and Branches Federal Reserve Bank Chairman President Vice President or branch Deputy Chairman First Vice President in charge of branch Zip Code Boston ...02106 Erwin D. Canham George H. Ellis William Webster Earle O. Latham New York 10045 Philip D. Reed Alfred Hayes James DeCamp Wise William F. Treiber Buffalo ...14240 Whitworth Ferguson Insley B. Smith PMladelphia 19101 Walter E. Hoadley Karl R. Bopp David C. Bevan Robert N. Hilkert Cleveland , 44101 Joseph B. Hall W. Braddock Hickman Logan T. Johnston Donald S. Thompson Cincinnati 45201 Howard E. Whitaker Fred O. Kiel Pittsburgh ...15230 William A. Steele Clyde E. Harrell Richmond 23213 Edwin Hyde Edward A. Wayne William H. Grier Aubrey N. Heflin Baltimore , 21203 Harry B. Cummings Donald F. Hagner Charlotte ...28201 Clarence P. Street Edmund F. MacDonald Atlanta.... 30303 Jack Tarver Malcolm Bryan J. M. Cheatham Harold T. Patterson Birmingham , ,,35202 C. Caldwell Marks Edward C. Rainey Jacksonville ,,,32201 Harry T. Vaughn Thomas A. Lanford Nashville 37203 Andrew D. Holt Robert E. Moody, Jr. New Orleans ...70160 J. O. Emmerich Morgan L. Shaw Chicago ...60690 Robert P. Briggs Charles J. Scanlon James H. Hilton Hugh J. Helmer Detroit ...48231 James William Miller Russel A. Swaney St. Louis ...63166 Raymond Rebsamen Harry A. Shuford J. H. Longwell Darryl R. Francis Little Rock 72203 Carey V. Stabler Fred Burton Louisville ,40201 C. Hunter Green Donald L. Henry Memphis ...38101 Frank Lee Wesson E. Francis DeVos Minneapolis .55440 Atherton Bean Frederick L. Deming Judson Bemis M. H. Strothman, Jr. Helena ...59601 C. G. McClave Clement A. Van Nice Kansas City 64106 Homer A. Scott George H. Clay Dolph Simons Henry O. Koppang Denver 80217 Robert T. Person John W. Snider Oklahoma City.. 73101 James E. Allison Howard W. Pritz Omaha ...68102 Clifford Morris Hardin George C. Rankin Dallas.. . 75222 Robert O. Anderson Watrous H. Irons Carl J. Thomsen Philip E. Coldwell El Paso 79999 Dysart E. Holcomb Roy E. Bohne Houston 77001 Edgar H. Hudgins J. Lee Cook San Antonio ...78206 Harold D. Herndon Carl H. Moore San Francisco ,94120 F. B. Whitman Eliot J. Swan John D. Fredericks H. Edward Hemmings Los Angeles 90054 S. Alfred Halgren Clifford H. Watkins Portland 97208 Graham J. Barbey William M. Brown Salt Lake City... 84110 Howard W. Price Arthur L. Price Seattle ...98124 Robert D. O'Brien Erwin R. Barglebaugh Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D. C. 20551. Where a charge is indicated, remittance should accompany order and be made payable to the order of the Board of Governors of the Federal Reserve System. A more complete list, including periodic releases and additional reprints, appeared on pages 1745-1748 of the December 1963 BULLETIN. (Stamps and coupons not accepted.) THE FEDERAL RESERVE SYSTEM—PURPOSES AND INDUSTRIAL PRODUCTION—1957-59 Base. 1962. FUNCTIONS. 1963. 297 pp. 172 pp. $1.00 per copy; in quantiies of 10 or more for single shipment, $.85 each. (Copies ANNUAL REPORT OF THE BOARD OF GOVERNORS of the 1959 revision also are available at $.50 OF THE FEDERAL RESERVE SYSTEM. each.) FEDERAL RESERVE BULLETIN. Monthly. Subscrip- THE FEDERAL FUNDS MARKET—A Study by a tion prices: (1) $6.00 per annum or $.60 a Federal Reserve System Committee. 1959. Ill copy in the United States and its possessions, pp. $1.00 per copy; in quantities of 10 or more Bolivia, Canada, Chile, Colombia, Costa Rica, for single shipment, $.85 each. Cuba, Dominican Republic, Ecuador, Guatemala Haiti, Republic of Honduras, Mexico, DEBITS AND CLEARING STATISTICS AND THEIR Nicaragua, Panama, Paraguay, Peru, El Salva- USE (rev. ed.). 1959. 144 pp. $1.00 per copy; dor, Uruguy, and Venezuela. (2) Elsewhere, in quantities of 10 or more for single shipment, $7.00 per annum or $.70 per copy. (3) In quan- $.85 each. tities of 10 or more copies sent to one address ALL-BANK STATISTICS, 1896-1955. Pt. I, U.S. in the United States, $5.00 per annum or $.50 Summary. Pt. II, Summaries by States and other per copy per month. areas. 1959. 1,229 pp. $4.00. FEDERAL RESERVE CHART BOOK ON FINANCIAL THE FEDERAL RESERVE ACT, as amended through AND BUSINESS STATISTICS. Monthly. Annual October 1, 1961, with an Appendix containing subscription includes one issue of Historical provisions of certain other statutes affecting the Chart Book. Subscription prices: (1) $6.00 per Reserve System. 386 pp. $1.25. annum or $.60 per copy in the United States FLOW OF FUNDS IN THE UNITED STATES, 1939-53. and the countries listed above. (2) Elsewhere, 1955. 390 pp. $2.75. $7.00 per annum or $.70 per copy. (3) In quantities of 10 or more of same issue for single SUPPLEMENT TO BANKING AND MONETARY STAshipment, $.50 each. TISTICS. Sec. 1. Banks and the Monetary System. 1962. 35 pp. $.35. Sec. 10 Member Bank Re- HISTORICAL CHART BOOK. Issued annually in Sep- serves and Related Items. 1962. 64 pp. $.50. tember. Annual subscription to monthly chart Sec. 11. Currency. 1963. 11 pp. $.35. Sec. 14. book includes one issue of the Historical. Prices: Gold. 1963. 24 pp. $.35. Sec. 15. International (1) $.60 each in the United States and the coun- Finance. 1962. 99 pp. $.65. tries listed above. (2) Elsewhere, $.70 each. (3) In quantities of 10 or more for single shipment, REGULATIONS OF THE BOARD OF GOVERNORS OF $.50 each. THE FEDERAL RESERVE SYSTEM. RULES OF ORGANIZATION AND PROCEDURE—BOARD TREASURY-FEDERAL RESERVE STUDY OF THE GOV- OF GOVERNORS OF THE FEDERAL RESERVE SYS- ERNMENT SECURITIES MARKET. Pt. I. 1959. 108 pp. Pt. II. 1960. 159 pp. Pt. III. 1960. 112 pp. TEM. 1962. 40 pp. Individual books $1.00 each; set of 3 books PUBLISHED INTERPRETATIONS of the Board, as of $2.50. December 31, 1962. $2.50. 421 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

422 FEDERAL RESERVE BULLETIN MARCH 1964 REPRINTS FEDERAL RESERVE OPEN MARKET OPERATIONS IN 1962. Apr. 1963. 29 pp. (From Federal Reserve BULLETIN unless preceded by an asterisk) NEGOTIABLE TIME CERTIFICATES OF DEPOSIT. Apr. 1963. 11 pp. THE HISTORY OF RESERVE REQUIREMENTS FOR BANKS IN THE UNITED STATES. NOV. 1938, NEW FOREIGN BOND ISSUES IN THE U.S. MARKET. May 1963. 13 pp. 20 pp. BANKING AND MONETARY STATISTICS, 1962. Se- THE MONETARY SYSTEM OF THE UNITED STATES. lected series of banking and monetary statistics Feb. 1953. 16 pp. for 1962 only. Feb., Mar., and May 1963. 16 FEDERAL FINANCIAL MEASURES FOR ECONOMIC pp. STABILITY. May 1953. 7 pp. RECENT CHANGES IN LIQUIDITY. June 1963. 10 pp. OPEN MARKET OPERATIONS IN LONG-TERM SE- INTEREST RATES ON TIME DEPOSITS, Mid-Febru- CURITIES. Nov. 1958. 15 pp. ary 1963. June 1963. 7 pp. •PART I, ALL-BANK STATISTICS, 1896-1955. Reprint of the U.S. Summary containing a de- SURVEY OF COMMON TRUST FUNDS, 1962. June 1963. 6 pp. scription of revised statistics for all banks in the United States, by class of bank, together MONETARY DEVELOPMENTS, FIRST HALF '63. July with revised statistics. Apr. 1959. 94 pp. 1963. 7 pp. STATISTICS ON THE GOVERNMENT SECURITIES MEASURES OF MEMBER BANK RESERVES. July MARKET. Apr. 1961. 8 pp. 1963. 14 pp REVISION OF CONSUMER CREDIT STATISTICS. Dec. BANK LOANS SECURED BY STOCKS AND BONDS. July 1961. 15 pp. 1963. 19 pp. REVISED INDEXES OF FREIGHT CARLOADINGS. Dec. A BANK EXAMINER LOOKS AT AGRICULTURAL 1961. 3 pp. LENDING. July 1963. 8 pp. SEASONALLY ADJUSTED SERIES FOR BANK CREDIT. MEASURING AND ANALYZING ECONOMIC GROWTH. July 1962. 6 pp. Aug. 1963. 14 pp. REVISION OF MONTHLY DEPARTMENT STORE IN- CHANGES IN BANKING STRUCTURE, 1953-62. Sept. 1963. 8 pp. DEXES. July 1962. 6 pp. REVISION OF MONEY SUPPLY SERIES. Aug. 1962. ECONOMIC CHANGE AND ECONOMIC ANALYSIS. Sept. 1963. 17 pp. 11 pp. REVISION OF WEEKLY DEPARTMENT STORE SALES TREASURY AND FEDERAL RESERVE FOREIGN EX- INDEX. Aug. 1962. 3 pp. CHANGE OPERATIONS. Sept. 1963. 8 pp. (Also similar reprint from Mar. 1963 BULL.) INDUSTRIAL PRODUCTION—1957-59 BASE. Oct. 1962. 10 pp. BANK AND PCA LENDING TO FARMERS. Sept. 1963. 11pp. FLOW OF FUNDS SEASONALLY ADJUSTED. NOV. 1962. 15 pp. THE U.S. BALANCE OF PAYMENTS, 1961-63. Oct. 1963. 8 pp. A SECTORAL ANALYSIS OF VELOCITY. Dec. 1962. 14 pp. THE OPEN MARKET POLICY PROCESS. Oct. 1963. A NEW LOOK AT THE FARM DEBT PICTURE. Dec. 11pp. 1962. 18 pp. RECENT INTEREST RATE TRENDS. NOV. 1963. MONEY AND BANK CREDIT IN 1962. Feb. 1963. 8 10 pp. pp. BANK CREDIT AND MONEY IN 1963. Feb. 1964. FARM DEBT AS RELATED TO VALUE OF SALES. 7 pp. Feb. 1963. 9 pp. SURVEY OF FINANCIAL CHARACTERISTICS OF CON- CHANGES IN STRUCTURE OF THE FEDERAL DEBT. SUMERS. Mar. 1964. 9 pp. May 1963. 10 pp. TREASURY AND FEDERAL RESERVE FOREIGN EX- FINANCING THE U.S. PAYMENTS DEFICIT. Apr. CHANGE OPERATIONS AND THE GOLD POOL. Mar. 1963. 8 pp. 1964. 14 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 358, 360 Discount rates, 340, 415 Agricultural loans of commercial banks, 352, 354 Discounts and advances by Federal Reserve Assets and liabilities (See also Foreign liabilities and Banks, 336, 342, 344 claims): Dividends, corporate, 371, 372 Banks and the monetary system, consolidated, 347 Dollar assets, foreign, 403, 411 Corporate, current, 372 Domestic banks, by classes, 348, 352, 354 Earnings and hours, manufacturing industries, 387 Federal Reserve Banks, 342 Employment, 384, 386, 387 Automobiles: Farm mortgage loans, 373, 374 Consumer instalment credit, 376, 377, 378 Federal finance: Production index, 380, 381 Cash transactions, 362 Bankers' balances, 353, 355 Receipts and expenditures, 363 (See also Foreign liabilities and claims) Treasurer's balance, 362 Banking and monetary statistics for 1963, 396 Federal home loan banks, 367, 368, 375 Banks and the monetary system, consolidated Federal Housing Administration, 373, 374, 375 statement, 347 Federal intermediate credit banks, 367, 368 Banks for cooperatives, 367, 368 Federal land banks, 367, 368 Bonds (See also U.S. Govt. securities): Federal National Mortgage Assn., 367, 368, 375 New issues, 368, 369, 370 Federal Reserve Banks: Prices and yields, 358, 359 Condition statement, 342 Brokers and dealers in securities, bank U.S.Govt. securities held by, 336, 342, loans to, 352, 354 344, 364, 365 Business expenditures on new plant and Federal Reserve credit, 336, 342, 344, 396 equipment, 372 Federal Reserve notes, 342, 345 Business indexes, 384 Federally sponsored credit agencies, 367, 368 Business loans (See Commercial and industrial loans) Finance company paper, 358, 360 Financial institutions, loans to, 352, 354 Capital accounts: Float, 336 Banks, by classes, 348, 353, 356 Flow of funds/saving, 394 Federal Reserve Banks, 342 Foreign central banks, 400, 415 Carloadings, 384 Foreign currency operations, 342, 344, 402, 410 Central banks, foreign, 400, 415 Foreign deposits in U.S. banks, 336, 342, 347, Coins, circulation of, 345 353, 356, 411 Commercial banks: Foreign exchange rates, 416 Assets and liabilities, 348, 351, 352 Foreign liabilities and claims: Consumer loans held, by type, 377 Banks, 404, 406, 407, 409, 411 Number, by classes, 348 Nonfinancial concerns, 412 Real estate mortgages held, by type, 373 Foreign trade, 414 Commercial and industrial loans: Commercial banks, 352 Gold: Weekly reporting member banks, 354, 357 Certificates, 342, 345 Commercial paper, 358, 360 Earmarked, 411 Condition statements (See Assets and liabilities) Net purchases by U.S., 402 Construction, 384, 385 Production, 401 Consumer credit: Reserves of central banks and govts., 400 Instalment credit, 3/6, 377, 378, 379 Reserves of foreign countries and international Noninstalment credit, by holder, 377 organizations, 403 Consumer price indexes, 384, 390 Stock, 336, 347, 402 Consumption expenditures, 392, 393 Govt. debt (See U.S. Govt. securities) Corporations: Gross national product, 392, 393 Sales, profits, taxes, and dividends, 371, 372 Security issues, 369, 370 Hours and earnings, manufacturing industries, 387 Security prices and yields, 358, 359 Housing starts, 385 Cost of living (See Consumer price indexes) Currency in circulation, 336, 345, 346 Industrial production index, 380, 384 Customer credit, stock market, 359 Instalment loans, 376, 377, 378, 379 Insurance companies, 361, 364, 365, 374 Debits to deposit accounts, 344 Insured commercial banks, 350, 352 Demand deposits: Interbank deposits, 341, 348, 353 Adjusted, banks and the monetary system, 347 Interest rates: Adjusted, commercial banks, 344, 346, 353 Bond yields, 358 Banks, by classes, 341, 348, 356 Business loans by banks, 357 Turnover of, 344 Federal Reserve Bank discount rates, 340 Type of holder, at commercial banks, 353 Foreign countries, 414, 415 Department stores, 384, 388, 389 Open market, 358, 414 Deposits (See also specific types of deposits): Stock yields, 358 Adjusted, and currency, 347 Time deposits, maximum rates, 341 Banks, by classes, 341, 348, 353, 356, 360 International capital transactions of the U.S., 404 Federal Reserve Banks, 342, 411 International institutions, 400, 402, 403 Postal savings, 341, 347 Inventories, 392 423 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

424 FEDERAL RESERVE BULLETIN • MARCH 1964 Investment companies, new issues, 370 Residential mortgage loans, 373, 374, 375 Investments {See also specific types of investments): Banks, by classes, 348, 352, 355, 360 Sales finance companies, consumer loans of, 376, Commercial banks, 351 377, 379 Federal Reserve Banks, 342, 344 Saving: Life insurance companies, 361 Flow-of-fund series, 394 Savings and loan assns., 361 National income series, 393 Savings deposits {See Time deposits) Labor force, 386 Savings institutions, principal assets, 360, 361 Loans {See also specific types of loans): Savings and loan assns., 361, 365, 374 Banks, by classes, 348, 352, 354, 360 Securities {See also U.S. Govt. securities): Commercial banks, 351 Federally sponsored agencies, 367 Federal Reserve Banks, 336, 342, 344, 396 International transactions, 410, 411 Insurance companies, 361, 374 New issues, 368, 369, 370 Insured or guaranteed by U.S., 373, 374, 375 Silver coin and silver certificates, 345 Savings and loan assns., 361, 374 State member banks, 350 State and local govts.: Manufactures, production index, 381, 384 Deposits of, 353, 356 Margin requirements, 341 Holdings of U.S. Govt. securities, 364, 365 Member banks: New security issues, 368, 369 Assets and liabilities, by classes, 348, 352 Ownership of obligations of, 352, 360, 361 Borrowings at Federal Reserve Banks, 338, Prices and yields of securities, 358, 359 342, 356, 396 Stock market credit, 359 Deposits, by classes, 341 Stocks: Number, by classes, 349 New issues, 369, 370 Reserve requirements, 341 Prices and yields, 358, 359 Reserves and related items, 336, 396 Weekly reporting series, 354 Tax receipts, Federal, 363 Mining, production index, 381, 384 Time deposits, 341, 346, 347, 348, 353, 356 Money rates {See Interest rates) Treasurer's account balance, 362 Money supply and related data, 346 Treasury cash, 336, 345, 347 Mortgages {See Real estate loans) Treasury currency, 336, 345, 347 Mutual savings banks, 347, 348, 350, 360, Treasury deposits, 336, 342, 362 364, 365, 373 National banks, 350 Unemployment, 386 National income, 392, 393 U.S. balance of payments, 413 National security expenditures, 363, 392 U.S. Govt. balances: Nonmember banks, 350, 352, 353 Commercial bank holdings, by classes, 353, 356 Consolidated monetary statement, 347 Payrolls, manufacturing, index, 384 Treasury deposits at Federal Reserve Personal income, 393 Banks, 336, 342, 362 Postal Savings System, 341, 347 U.S. Govt. securities: Prices: Bank holdings, 347, 348, 352, 355, 360, 364, 365 Consumer, 384, 390 Dealer transactions, positions, and financing, 366 Security, 359 Federal Reserve Bank holdings, 336, 342, Wholesale commodity, 384, 390 344, 364, 365 Production, 380, 384 Foreign and international holdings, 342, 403, 411 Profits, corporate, 371, 372 International transactions, 410 New issues, gross proceeds, 369 Real estate loans: Outstanding, by type of security, 364, 365, 367 Banks, by classes, 352, 360, 373 Ownership of, 364, 365 Type of holder, 373, 374, 375 Prices and yields, 358, 359 Type of property mortgaged, 373, 374, 375 United States notes, outstanding and in circulation, 345 Reserve requirements, member banks, 341 Utilities, production index, 381, 384 Reserves: Central banks and govts., 400 Vault cash, 336, 341, 353 Commercial banks, 353 Federal Reserve Banks, 342 Veterans Administration, 373, 374, 375 Foreign countries and international organizations, 403 Weekly reporting member banks, 354 Member banks, 336, 338, 341, 353, 355, 396 Yields {See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES (c THE FEDERAL RESERVE SYSTEM 1) 1 Boundaries of Federal Reserve Districts Boundaries of Federal Reserve Branch Territories © Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis